Senator Elizabeth Warren and Representatives Pramila Jayapal and Brendan Boyle have introduced the Ultra-Millionaire Tax Act, a wealth tax, which would raise $300 billion a year and only apply to fortunes of $50 million or more.
This wealth tax would have a rate of just 2 percent for people with wealth between $50 million and $1 billion, and 3 percent for wealth above $1 billion.
The United States' 660 billionaires have seen a 44 percent increase in their wealth since last March, totaling $1.3 trillion.
Here's the message we're sending to all of Congress:
Poll after poll shows that two-thirds of the American people, including half or more of Republicans, support a wealth tax on U.S. fortunes of $50 million or more. To jumpstart our economy, address the racial wealth gap and help millions of people climb out of this pandemic recession, we urge you to immediately pass a wealth tax to raise $3 trillion over 10 years―paid for by making the richest 0.1% pay their fair share in taxes.