Senator Warren Proposes ‘Ultra-Millionaire Tax’ of as Much as 3%

Democratic presidential hopeful Elizabeth Warren proposed Jan. 24 to impose a wealth tax on Americans worth more than $50 million, a pitch aimed at satisfying the hunger on the left to tackle income inequality.

The plan by the Massachusetts senator, who recently announced an exploratory committee for the 2020 Democratic nomination, would require the top 75,000 households to pay an annual tax of 2 percent on each dollar of their net worth above $50 million. It would rise to 3 percent on every dollar above $1 billion.

“The top 0.1% of American families—the richest 1 in 1,000—now have nearly the ...