Massachusetts Sen. Elizabeth Warren is leading a push to impose a wealth tax on America's millionaires and billionaires that critics say would kill jobs.
A group of progressive Democrats is restarting an effort to increase taxes on the wealthiest Americans. Sen. Elizabeth Warren, D-Mass., on Tuesday reintroduced the Ultra-Millionaire Tax Act, which would slap a 2% tax on households worth $50 million to $1 billion and a 3% tax on households worth more than $1 billion. Reps. Pramila Jayapal, D-Wash., and Brendan Boyle, D-Pa., have introduced a companion bill in the House.
The new version of the bill contains additional rules to crack down on tax avoidance for wealth held in trusts. It would also give the IRS an additional $100 billion to fund auditing and enforcement efforts. Additionally, Warren's proposal includes a 40% "exit tax" on people worth more than $50 million who attempt to renounce their U.S. citizenship to avoid paying the tax.
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