Warren’s wealth tax proposal could alter how Democrats talk about economic inequality
“Democrats have campaigned for decades on the need to address income inequality and raise taxes on the rich, but a new proposal from Massachusetts US Senator Elizabeth Warren could change the terms of the debate. On Thursday, Warren’s campaign began rolling out her ‘Ultra Millionaire’ tax proposal, which would target wealth instead of income. Her plan, developed by professors at the University of California, Berkeley, proposes taxing 2 percent of a person’s assets above $50 million and 3 percent of assets above $1 billion. They estimate it would raise approximately $2.75 trillion over 10 years.”