Sen. Elizabeth Warren (D-Mass.) believes it is time to implement a wealth tax to help pay for a series of proposed policies.
“It is time for a wealth tax in America,” Warren proclaimed on Monday as she introduced the Ultra-Millionaire Tax Act, which would implement a 2% tax on fortunes over $50 million.
She explained, “Your first $50 million is free and clear. But your 50 millionth and first dollar, you gotta pay two cents, and two cents on every dollar after that until you hit a billion. When you hit a billion, you gotta pay a few cents more.”
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