Elizabeth Warren, Bernie Sanders propose 3% wealth tax on billionaires - CNBC
— on Monday proposed a 3% total annual tax on wealth exceeding $1 billion.
They also called for a lesser, 2% annual wealth tax on the net worth of households and trusts ranging from $50 million to $1 billion."The ultra-rich and powerful have rigged the rules in their favor so much that the top 0.1% pay a lower effective tax rate than the bottom 99%, and billionaire wealth is 40% higher than before the Covid crisis began," Warren said Monday in a statement.Aside from Warren and Sanders, other co-sponsors of the legislation include: Sens.A 2020 Tax Foundation analysis of separate Warren and Sanders wealth tax proposals during their presidential runs found they would reduce U.S.A wealth tax would also face administrative and compliance challenges, such as difficulty valuing assets and likely tax evasion schemes, according to the Tax Foundation?