This plan would not be popular among Republicans but it could gain popularity among independent voters.
2020 presidential hopeful Sen. Elizabeth Warren, D-Mass., is proposing a new “wealth tax” on Americans with more than $50 million in assets, as well as other measures that include a significant hike in funding for the Internal Revenue Service.
"We need structural change. That’s why I’m proposing something brand new – an annual tax on the wealth of the richest Americans. I’m calling it the 'Ultra-Millionaire Tax' & it applies to that tippy top 0.1% – those with a net worth of over $50M," Warren, who sits on the left of her party, tweeted Thursday afternoon.
The Washington Post reported the proposal involves a 2-percent wealth tax on those with more than $50 million in assets, and an additional 3 percent on those with more than $1 billion.
Economist Emmanuel Saez, one of two left-leaning economists at the University of California, Berkeley, who advised her on the proposal, claimed it would raise $2.75 trillion over 10 years.