The 100 richest Americans would hand over more than $78 billion of their personal fortunes under a wealth tax proposed Monday by Democratic Senator Elizabeth Warren and other progressive lawmakers.
Dubbed the Ultra Millionaire Tax Act, the bill would require households with a net worth of more than $50 million to pay a 2% tax on their wealth annually, with an additional 1% surtax for fortunes exceeding $1 billion. Warren’s proposal is unlikely to go anywhere in a narrowly divided Congress.
