Elizabeth Warren revives proposed 2% wealth tax on fortunes over $50 million
By
Tobi Opeyemi Amure
Summary
Elizabeth Warren is reviving her proposed "ultra-millionaire tax" (a 2% annual tax on household wealth above $50 million, with an additional 1% on wealth above $1 billion). The article argues that while two cents seems trivial in everyday life, applied to massive fortunes it becomes significant. It contrasts how most Americans pay taxes on earned income that is taxed upfront, while the ultra-wealthy accumulate vast fortunes through asset appreciation that often goes untaxed until sold — if ever.
Source
bskyElizabeth Warren revives proposed 2% wealth tax on fortunes over $50 millionbit.lyKey quotes
· 3 pulledTwo cents is the kind of number nobody argues about.
Stretch that same two cents across a fortune big enough to buy a midsize country, and it stops being pocket change.
Most Americans pay tax on what they earn, money that lands in a paycheck and gets taxed before it ever reaches the bank.
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