Warren's Ultra-Millionaire Tax Act: A New Wealth Tax
California News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Senator Elizabeth Warren introduces the Ultra-Millionaire Tax Act, targeting households and trusts worth over $50 million with a 2% annual tax, plus 1% for billionaires. An exit tax of 40% applies to those renouncing U.S. citizenship. The bill could generate $6.2 trillion over ten years, potentially funding affordable childcare, paid family leave, tuition-free community college, and lowering Medicare eligibility age. Public support is strong, with 60% favoring higher taxes on households earning over $400,000. Critics argue the wealthy pay lower effective rates than middle-class families, but research shows millionaires move states less often than average people.
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