Warren bill would impose wealth tax on $50M households

[Zeedox]

Warren bill would impose wealth tax on $50M households

Sen. Elizabeth Warren (D-Mass.) on Monday unveiled legislation to create a wealth tax for high-net-worth households, furthering her efforts on an idea that was a central feature of her 2020 preside…

thehill.com

Sen. Elizabeth Warren (D-Mass.) on Monday unveiled legislation to create a wealth tax for high-net-worth households, furthering her efforts on an idea that was a central feature of her 2020 presidential campaign.
The bill, called the Ultra-Millionaire Tax Act, would create an annual tax of 2 percent on the net worth of households and trusts between $50 million and $1 billion and a tax of 3 percent on net worth above $1 billion. The rate for net worth above $1 billion would increase to 6 percent if a "Medicare for All" health care plan is enacted.

Is this where I feel bad for $50-million-dollar millionaires for having to pay 1 million a year?

Frankly, I see no downside.

 

[Gomez Adams]

I'm wondering why the bar is set at 50 million dollars. I mean really! Do 20 million dollar per year football players have it that bad?

 

[Grimhogun]

It's bullshit. She picks just barely above her own worth as the cutoff line. Anybody making 10 million or more should pay more in an increasing scale every million like they do us poor bastards.

 

[Gomez Adams]

Warren's net worth is reported to be just short of 9 million dollars.

But I do agree she's setting the bar a hell of a lot higher than it needs to be.

 

[Zeedox]

I believe there's a bit of political convincing in her decision.

Too many mouths start yelling at 10 and 20 million.

50 million is that figure that sounds just high enough to be just obscene enough to have everyone interested except the ultra-rich.