Democrats unveil an ultra-millionaire tax on the top 0.05% of American households

Mar 01, 2021 - Business Insider

In an effort to combat wealth inequality, Democrats on Monday unveiled a bill that would impose a 2% wealth tax on American households with net worths over $50 million.

Sen. Elizabeth Warren of Massachusetts, who has long been a proponent of the wealth tax, introduced the Ultra-Millionaire Tax Act with Rep. Pramila Jayapal of Washington and Rep. Brendan Boyle of Pennsylvania.

According to a press release, the bill would create a faire...