Warren Pitches Wealth Tax on ‘Ultra-Millionaires’ and Trusts

Progressive Sen. Elizabeth Warren (D-Mass.) brought back her legislation to tax the wealth of the richest taxpayers, what she dubs “ultra-millionaires,” and is including new stronger rules on trusts.

The bill faces little chance of passage in a divided Congress with GOP in control of the lower chamber. Still, it comes as the presidential campaign begins to heat up, with President Joe Biden’s administration emphasizing boosted enforcement on tax avoidance by the wealthiest and proposing his own billionaire tax.

The legislation would implement a 2% annual tax on the net worth of households and trusts between $50 million and $1 ...