Sen. Elizabeth Warren, Sen. Bernie Sanders and other Democrats proposed the Ultra-Millionaire Tax Act, which would tax the wealthy to reduce the widening U.S. wealth gap which has been exacerbated by the pandemic. The bill is likely to face significant obstacles in the Senate. Ylan Mui joins 'The News with Shepard Smith' to discuss. For access to live and exclusive video from CNBC subscribe to CNBC PRO: [ Ссылка ]
A slew of Democrats on Capitol Hill — including progressives Sen. Elizabeth Warren, D-Mass., and Sen. Bernie Sanders, I-Vt. — on Monday proposed a 3% total annual tax on wealth exceeding $1 billion.
They also called for a lesser, 2% annual wealth tax on the net worth of households and trusts ranging from $50 million to $1 billion.
The Ultra-Millionaire Tax Act aims at reining in a widening U.S. wealth gap, which has been exacerbated by the Covid pandemic.
“The ultra-rich and powerful have rigged the rules in their favor so much that the top 0.1% pay a lower effective tax rate than the bottom 99%, and billionaire wealth is 40% higher than before the Covid crisis began,” Warren said Monday in a statement.
About 100,000 Americans — or, fewer than 1 in 1,000 families — would be subject to a wealth tax in 2023, according to Emmanuel Saez and Gabriel Zucman, economists at the University of California, Berkeley.
The policy would raise at least $3 trillion over a decade, they found.
Warren called for the tax revenues to be invested in child care and early education, K-12 education and infrastructure.
Aside from Warren and Sanders, other co-sponsors of the legislation include: Sens. Sheldon Whitehouse, D-R.I.; Jeff Merkley, D-Ore.; Kirsten Gillibrand, D-N.Y.; Brian Schatz, D-Hawaii; Edward Markey, D-Mass.; and Mazie Hirono, D-Hawaii. Reps. Pramila Jayapal, D-Wash.; and Brendan Boyle, D-Pa., are also co-sponsors.
The bill likely faces significant obstacles in the Senate, where Democrats hold the slimmest of majorities.
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