Overview
- Sen. Elizabeth Warren introduced the Ultra‑Millionaire Tax Act, which would charge 2% on net worth above $50 million plus a 1% surtax on wealth over $1 billion, and apply a 40% exit tax to deter tax‑motivated expatriation.
- The measure has Democratic backers in both chambers, with Sen. Chris Van Hollen and Reps. Pramila Jayapal and Brendan Boyle helping lead it.
- UC Berkeley economists Emmanuel Saez and Gabriel Zucman estimate the plan would raise $6.2 trillion over 10 years and reach about 260,000 households, with $100 billion earmarked to strengthen IRS valuation, reporting, and audits.
- Sponsors say the revenue would pay for lower Medicare eligibility, universal child care, paid family leave, tuition‑free community college, and expanded housing investments.
- The bill faces steep odds in the current Congress, and coverage ranges from CBS’s focus on design to sharper skepticism in the Washington Examiner and Reason about legality, revenue assumptions, and possible market effects.