Warren Proposes Millionaire Tax on Fortunes Over $50 Million

March 1, 2021, 12:34 PM

Senator Elizabeth Warren, Representative Pramila Jayapal introduce a bill with a 2 percent annual tax on the net worth of households and trusts between $50 million and $1 billion.

  • Lawmakers seek 1 percent annual surtax, or 3 percent tax overall, on the net worth of households and trusts above $1 billion
  • Bill includes anti-evasion and avoidance measures, including: a 30 percent minimum audit rate for taxpayers subject to the ultra-millionaire tax, a 40 percent “exit tax” on the net worth above $50 million of any U.S. citizen who renounces their citizenship in order to escape taxes

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