4 min learn
This story initially appeared on Enterprise Insider
US billionaires would have paid a mixed $114 billion for 2020 beneath an “ultra-millionaire” tax that Sen. Elizabeth Warren of Massachusetts proposed on Monday, in response to two tax teams.
The invoice, known as the Extremely-Millionaire Tax Act, would apply an annual 2% tax on particular person internet price between $50 million and $1 billion. People would owe an annual 3% tax on internet price above $1 billion.
Warren mentioned that the tax would have an effect on solely about 100,000 American households and that the nation’s billionaires would pay about half of the overall tax quantity.
The nation’s roughly 650 billionaires have a collective wealth of greater than $4.2 trillion, People for Tax Equity and the Institute for Coverage Research Challenge on Inequality mentioned, basing their calculations on Forbes information. Their fortunes have elevated by about