Billionaires Could Easily Absorb Elizabeth Warren’s Proposed Wealth Tax

Billionaires Could Easily Absorb Elizabeth Warren’s Proposed Wealth Tax

On Monday, Sen. Elizabeth Warren (D-Mass.), along with Reps. Pramila Jayapal (D-Wash.) and Brendan Boyle (D-Penn.), rolled out a new version of the ultrawealth tax plan she proposed during her 2020 presidential campaign.

This seemed inevitable, given that billionaires’ wealth has soared during the pandemic, and the Democrats now control Congress. The bill will also inevitably face fierce opposition, particularly from Republicans. But the way we levy taxes on individuals and families clearly isn’t working out so well for most Americans. [Read more.]