(TheRedWire.com) – Progressive lawmakers have been pushing for an increase in taxation on the wealthiest people in the United States.
On Tuesday the group reintroduced the proposal which would form a 2 percent tax for all households that are worth over $50 million. Households worth over $1 billion would face an additional 3 percent income tax. Sen. Elizabeth Warren (D-Mass.) who brought forward the bill as its sponsor argued that this bill would implement the additional tax to the 100,000 households in the home that were the houses of some of the wealthiest individuals in the country.
In a post on X, formerly known as Twitter Warren had argued that the reason she was bringing back the Ultra-Millionaire Tax was because she had wanted her proposal to turn into something big, and that with the Ultra Millionaires Tax they would be required to make a 2 percent payment.
As Warren explained this would help ensure that billionaires like Jeff Bezos would not be allowed to continue to pay lower tax rates than public school teachers.
As they are looking to block the wealthy from needing to pay the tax, the bill also includes provisions for the Internal Revenue Service (IRS) to have an additional $100 billion. This would also create a 40 percent tax on net worth for those individuals who are looking to give up their U.S. citizenship to avoid the wealth tax.
Warren has the support of a group of 20 House Democrats and very few Democratic senators including Sen. Berney Sanders (I-Vt.).
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