Senator Elizabeth Warren Leads Renewed Push for Ultra-Millionaire Tax Act

The proposed legislation aims to increase taxes on the wealthiest Americans, affecting roughly 0.05% of the population.

The Ultra-Millionaire Tax Act, reintroduced by Senator Elizabeth Warren, targets households worth more than $50 million with a 2% tax, and those worth over $1 billion with a 3% tax.
The bill is estimated to generate at least $3 trillion in revenue over 10 years, with additional measures to prevent tax avoidance.
Supported by a coalition of progressive Democrats, the legislation faces opposition from the GOP-controlled House, making its passage unlikely.
Critics argue that the tax could harm economic growth by reducing capital accumulation and potentially leading to job losses.
The tax proposal aligns with President Biden's broader efforts to increase taxes on the wealthy and large corporations, aiming to address income inequality.