Tesla Inc (NASDAQ: TSLA) CEO Elon Musk would owe about $4.6 billion.
In a statement this week, Warren said the Ultra-Millionaire Tax Act would help offset the widening of the wealth gap during the pandemic.
Soaring stock prices have increased billionaire wealth by about 40% since the COVID-19 crisis began, Warren said.
In an interview on CNBC on Tuesday, Warren said the tax wouldn’t include any individual assets valued at less than $50,000.
“I think most people would rather be rich and pay 2 cents. This is not very fancy. It really is a tax on fortunes above $50 million,” Warren said.
Economists estimate the proposed tax would impact fewer than one in 1,000 American families, or less than 0.1% of the wealthiest Americans.
To Renew Our Democracy, We Need to Tax the Ultrarich
Sen. Elizabeth Warren conducts a news conference in the Capitol to introduce the Ultra-Millionaire Tax Act on March 1, 2021. The act would tax high net-worth households.
Tom Williams / CQ-Roll Call, Inc via Getty Images
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Sen. Elizabeth Warren and Rep. Pramila Jayapal’s Ultra-Millionaire Tax Act of 2021, introduced March 1, could not be a more timely reminder that the United States needs serious policy changes to address massive wealth and income inequality. While eight million Americans slipped into poverty and half a million lives were lost to Covid-19 since the beginning of the pandemic all with a disproportionately large impact on communities of color the wealth of U.S. billionaires almost doubled, up $1.3 trillion. At this rate, it would take five more months for the wealth of the richest Americans to match the $1.9 trillion relief package put forward by the Biden administration.
How Much Would Elizabeth Warren’s Ultra-Millionaire Tax Really Cost Jeff Bezos, Elon Musk, Bill Gates? Former Microsoft executives Steve Ballmer and Bill Gates Photo: Microsoft
An Ultra-Millionaire Tax Act could mean big tax payments for some of the wealthiest entrepreneurs in the U.S.
The act which was proposed by Sens. Elizabeth Warren, D-Mass., Bernie Sanders, I-Vt., and some members of Congress would hand down a 3% tax on Americans with a net worth over $1 billion, and 2% on those with a net worth from $50 million to $1 billion.
According to Warren, the Ultra-Millionaire Tax Act would bring in at least $3 trillion in revenue over 10 years without having to raise taxes for 99.95% of Americans that have a net worth below $50 million.
Sen. Elizabeth Warren (D-MA) praised Treasury Secretary Janet Yellen for warning investors against getting involved digital currencies, emphasizing that they were "speculative" and "going to end badly."
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