Elizabeth Warren: It is Time For a Wealth Tax in America

“It is time for a wealth tax in America,” said Senator Elizabeth Warren (D-MA) on Monday, describing the proposed tax for those who make more $50 million as necessary “help to pay for investments in infrastructure, childcare and health reforms.”

“I want to remind everybody what the wealth tax is. It is a tax on the fortunes above 50 million dollars. In other words, your first 50 million is free and clear, but your 50 millionth and first dollar, you got to pay two cents and two cents on every dollar after that until you hit a billion. When you hit a billion, you got to pay a few cents more. This is a wealth tax that has been needed for a long time. We need it to produce more revenue, to create more opportunity in America. But it is a wealth tax that we particularly need because of the changes in this country. Under the pandemic, we have watched the wealth of the billionaire class in America. Increase by more than a trillion dollars over the last year, a 2012 tax, or just help level the playing field a little bit and create the kind of revenue that would let us build back better. As Joe Biden says, would let us make the investments in our children, investments in infrastructure, investments in a clean economy, investments in America’s future.”

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