Let’s the war against the rich begin!
Uber-Leftist Elizabeth Warren is converting a signature proposal from her failed presidential campaign into a bill – that which taxes “ultra-millionaires” at a high rate.
With her new role on the Senate Finance Committee, the radical Democrat is proposing a 2% tax on households earning between $50 million and $1 billion, pus an extra 1% on households worth over $1 billion. This comes as attack on the ultra-wealthy – often those who provide jobs and security for the working class American people.
This legislation would affect the wealthiest 100,000 households in the United States, and bring in an estimated $3 trillion in revenue over the next 10 years.
The bill ensures the wealthy pay the new tax levied against them by including something called “anti-evasion” measures. The bill allots $100 billion to strengthen and support the IRS while placing a 40% tax on any ultra-millionaire (worth more than $50 million) who renounces their U.S. citizenship in order to evade these new taxes.
Sen. Bernie Sanders of Vermont, Sheldon Whitehouse of Rhode Island, Jeff Merkley of Oregon, Kristen Gillibrand of New York, Brian Schatz of Hawaii, Ed Markey of Massachusetts, and Mazie Hirono of Hawaii are co-sponsors of the bill. Reps. Pramila Jayapal of Washington and Brendan Boyle of Pennsylvania introduced the measure in the House.
Warren made the wealth tax proposal a key centerpiece of her presidential campaign, often referring to it as a “two cent” tax and calling on the ultra-wealthy to “pitch in two cents.” In explaining the proposal, she equated a new tax on assets rather than income to a property tax.
Warren’s presidential campaign often used two pennies as a symbol of her wealth tax proposal, including by affixing two giant pennies to her golden retriever, Bailey.
— Warren Democrats (@TeamWarren) November 1, 2019