The Ultra-Millionaire Tax Act is projected to raise $3 trillion over a decade, according to estimates from economists at the University of California, Berkeley.
Sen. Elizabeth Warren, (D-Mass.) and other progressives introduced legislation to tax the net worth of the richest Americans on Monday, framing it as a way to fund the sweeping federal spending programs proposed by President Joe Biden and other Democrats. The proposal, which mirrors one outlined by Warren as a presidential candidate in 2020, comes as Democrats push forward with a $1.9 trillion package to stimulate the coronavirus-hit economy. With narrow Democratic majorities in both chambers of Congress, Biden has also rolled out proposals to spend big on education and infrastructure. The wealth tax legislation was introduced alongside Rep.
