- Dec 5, 2015
- Reaction score
- Political Leaning
Sen. Elizabeth Warren is proposing a new tax on Americans with assets of $50 million or more as part of a bold new initiative to reverse the increasing concentration of wealth among the country's richest households.
According to documents provided by Warren's presidential campaign, the plan would impose a 2% tax on Americans whose net worth exceeds $50 million, with an additional 1% levy on billionaires. It does not specifically address marginal tax rates.
I hate to break it to Senator Warren but we already have two wealth taxes in our country: Property and capital gains.