Elizabeth Warren Says Even With Wealth Tax, System Will Remain 'Tilted' to Favor Richest
On 3/2/21 at 12:56 PM EST
Senator Elizabeth Warren, a Massachusetts Democrat, said on Tuesday that even with her Ultra-Millionaire Tax Act, the economic system would still be "tilted" in favor of America's wealthiest.
The progressive senator introduced the wealth tax proposal on Monday. Under the plan, a version of which she put forward during her unsuccessful presidential campaign, the nation's wealthiest would be taxed at 2 percent on their net worth above $50 million and at 3 percent on a net worth above $1 billion. Co-sponsoring the bill in the House of Representatives are Democrat Pramila Jayapal of Washington, chair of the Progressive Caucus, and Brendan Boyle, a moderate Democrat from Pennsylvania.