Elizabeth Warren Introduces Wealth Tax to Bolster Biden’s ‘Build Back Better’ Agenda
68 Drew Angerer/Getty Images
Hannah Bleau
1 Mar 2021
Sen. Elizabeth Warren (D-MA), along with Reps. Pramila Jayapal (D-WA) and Brendan Boyle (D-PA), unveiled a wealth tax proposal on Monday, which imposes a two percent tax on the net value of assets for the wealthiest people in America.
The bill, dubbed the “Ultra-Millionaire Tax Act of 2021,” is a continuation of the vision Warren laid out during her time on the presidential campaign trail, where she vigorously pitched a “two-cent” wealth tax as a means to achieve greater equality in the country.
Warren’s most recent proposal would impose a two percent tax on the net value of all taxable assets over $50 million after debts are subtracted. The tax is increased to three percent for net assets above $1 billion.
Assets are defined as “the value of all property of the taxpayer (other than property excluded under subsection (b)), real or personal, tangible or intangible, wherever situated, reduced by any debts (including any debts secured by property excluded under subsection (b)) owed by the taxpayer.”
The tax, Warren said, is “critical for raising revenue, and that revenue is critical for raising opportunity.”
“We build a future for all of our kids by investing in opportunity,” Warren said, contending that the “small tax” would generate “at least $3 trillion” to help promote President Biden’s agenda:
Billionaire wealth is 40% higher now than when the COVID crisis began – but our tax system is still tilted toward the ultra-rich. Today @RepJayapal, @CongBoyle and I are introducing our #WealthTax bill to make the wealthiest Americans pay their fair share. https://t.co/sDgDOKr07F
— Elizabeth Warren (@SenWarren) March 1, 2021
A #WealthTax is critical for raising revenue, and that revenue is critical for raising opportunity. We build a future for all of our kids by investing in opportunity. This is one way we can make this government work for everyone – not just the rich and powerful. pic.twitter.com/iTBo7cmFHj
— Elizabeth Warren (@SenWarren) March 1, 2021
The proposal follows Congress passing the $1.9 trillion coronavirus relief proposal last week in the dead of the night. No Republicans voted for it, and only two Democrats, Reps. Kurt Schrader (OR) and Jared Golden (ME), voted against it.
Several Republican lawmakers spoke to Breitbart News during the Conservative Political Action Conference in Orlando, Florida, and slammed the bill, noting the amount of waste in the measure. It allots millions for museums, climate justice, and “family planning” organizations such as Planned Parenthood.
Warren is a millionaire with a net worth of over $12 million and has received donations from at least 30 billionaires during her career.
EconomyPoliticsBrendan BoyleBuild Back BetterElizabeth WarrenPramila JayapaltaxesUltra-Millionaire Tax
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Original Story: Elizabeth Warren Introduces Wealth Tax to Bolster Biden’s ‘Build Back Better’ Agenda