Finance

Elizabeth Warren, Bernie Sanders propose 3% wealth tax on billionaires

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Sen. Elizabeth Warren, D-Mass., holds a news conference to announce legislation that would tax the net worth of America’s wealthiest individuals at the U.S. Capitol on Mar. 1, 2021 in Washington.

Chip Somodevilla | Getty Images

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…



Source cnbc.com

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