Elizabeth Warren Proposes ‘Extremely-Millionaire Tax’ As Half Of 2020 Bid

WASHINGTON (AP) — Sen. Elizabeth Warren is proposing a so-called ultra-millionaire tax as she vies for the 2020 Democratic presidential nomination.

In response to two economists advising her presidential marketing campaign on the plan, the tax would hit an estimated 75,000 of the wealthiest American households.

The brand new tax plan launched Thursday by the Massachusetts Democrat would impose a brand new 2 p.c price yearly on American households’ web value higher than $50 million.

The general new tax invoice on rich households would rise to three p.c for households on their web value above $1 billion underneath Warren’s plan.

Economists Emmanuel Saez and Gabriel Zucman of the College of California, Berkeley, undertaking that the tax proposal would generate about $2.75 trillion over 10 years.

Warren opened an exploratory committee for the 2020 presidential race final month.