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Ultra-Millionaire Tax Act to curb increased income inequality

Date: March 9, 2021 | Categories: News,

Senators Elizabeth Warren (D-MA), Representative Pramila Jayapal (D-WA-07), and Representative Boyle (D-PA-02) announced the Ultra-Millionaire Tax Act. This Act would narrow the income inequality by implementing a 2% annual tax on the wealthiest top 0.05% (the wealthiest 100,000 households in the US). Those with over $1 billion in wealth will be taxed 3%. Warren asserts that the tax would accumulate …