A Yearly Tax on Wealth Itself
🪓 Scalped Oct 22, 2026 · On the record: Mar 1, 2021
The claim
Warren's Ultra-Millionaire Tax Act would levy a 2% annual tax on net worth above $50 million and 3% above $1 billion.
The record
Introduced March 1, 2021 with Reps. Jayapal and Boyle and reintroduced March 19, 2024, the bill taxes household net worth every year, not income, and adds a 40% exit tax on net worth above $50 million for those who renounce citizenship. Sponsors claim at least $3 trillion over 10 years based on Saez and Zucman's analysis.
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