by Chase Burns
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Mar 1, 2021 at 4:45 pm
"It's not just a few billionaires getting wealthier," said Rep. Pramila Jayapal during a presser unveiling the Ultra-Millionaire Tax Act today, "There have been 46 new billionaires created during this pandemic." (The Institute for Policy Studies estimates the pandemic created
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"It is time for a wealth tax in America," proclaimed Sen. Elizabeth Warren while unveiling the Ultra-Millionaire Tax Act this afternoon. Warren was flanked by Seattle Rep. Pramila Jayapal and Rep. Brendan Boyle from Pennsylvania. The tax "would levy a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion as well as a 1% annual surtax on assets above $1 billion, for a 3% tax overall on billionaires," describes CNN.