Overview
- Sen. Elizabeth Warren introduced the Ultra‑Millionaire Tax Act, which would charge 2% each year on net worth above $50 million, add 1% more for billionaires, and impose a 40% exit tax on those who renounce citizenship.
- 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.
- The measure lists 10 Democratic co‑sponsors in the Senate, and House allies plan a companion bill with 38 Democratic co‑sponsors.
- Warren says the revenue could pay for affordable child care, universal paid family leave, tuition‑free community college, and a lower Medicare age of 55.
- Backers point to recent state moves to tax high earners and research that shows millionaires rarely move to avoid taxes, though passage in a divided Congress remains unlikely.