Ending the Free Ride: Elizbeth Warren Vows to Introduce Wealth Tax as ‘First Order of Business’

"It is time to make the ultra-rich pay their fair share."

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After announcing that she landed a spot on the powerful Senate Finance Committee, Sen. Elizabeth Warren on Tuesday said she plans to immediately introduce legislation to impose a wealth tax on individual fortunes above $50 million with the goal of reining in soaring inequality and funding “needed investments for working families.”

“My first order of business on the Senate Finance Committee—the committee that leads tax and revenue policy in the Senate—will be to introduce legislation for a wealth tax on fortunes above $50 million.”
—Sen. Elizabeth Warren

“I’m very pleased to join the Finance Committee, where I’ll continue to fight on behalf of working families and press giant corporations, the wealthy, and the well-connected to finally pay their fair share in taxes,” Warren (D-Mass.) said in a statement. “I look forward to being a progressive voice at the table to secure meaningful relief and lasting economic security for struggling families, including as an aggressive advocate for accomplishing much of our agenda through the budget reconciliation process.”

At the top of the Massachusetts senator’s to-do list upon joining the finance panel—which has jurisdiction over the Internal Revenue Service—will be advancing a two-cent tax on every dollar of individual wealth over $50 million, a proposal that Warren pushed during her 2020 presidential bid. Warren’s campaign estimated that the two-cent wealth tax would raise $3.75 trillion in revenue over the next decade.

“My first order of business on the Senate Finance Committee—the committee that leads tax and revenue policy in the Senate—will be to introduce legislation for a wealth tax on fortunes above $50 million,” Warren tweeted Tuesday. “It is time to make the ultra-rich pay their fair share.”

The Massachusetts Democrat said she also intends to work on other key priorities such as “reforming our trade practices, expanding Social Security, lowering drug prices, advancing racial equity, and enforcing our tax laws.”

“And I will continue to fight on issues like college affordability, cancelling student loan debt, adequate funding for K-12 schools, and racial equity in education,” said Warren. “There’s a lot of work to do.”

After announcing that she landed a spot on the powerful Senate Finance Committee, Sen. Elizabeth Warren on Tuesday said she plans to immediately introduce legislation to impose a wealth tax on individual fortunes above $50 million with the goal of reining in soaring inequality and funding “needed investments for working families.”

“My first order of business on the Senate Finance Committee—the committee that leads tax and revenue policy in the Senate—will be to introduce legislation for a wealth tax on fortunes above $50 million.”
—Sen. Elizabeth Warren

“I’m very pleased to join the Finance Committee, where I’ll continue to fight on behalf of working families and press giant corporations, the wealthy, and the well-connected to finally pay their fair share in taxes,” Warren (D-Mass.) said in a statement. “I look forward to being a progressive voice at the table to secure meaningful relief and lasting economic security for struggling families, including as an aggressive advocate for accomplishing much of our agenda through the budget reconciliation process.”

At the top of the Massachusetts senator’s to-do list upon joining the finance panel—which has jurisdiction over the Internal Revenue Service—will be advancing a two-cent tax on every dollar of individual wealth over $50 million, a proposal that Warren pushed during her 2020 presidential bid. Warren’s campaign estimated that the two-cent wealth tax would raise $3.75 trillion in revenue over the next decade.

“My first order of business on the Senate Finance Committee—the committee that leads tax and revenue policy in the Senate—will be to introduce legislation for a wealth tax on fortunes above $50 million,” Warren tweeted Tuesday. “It is time to make the ultra-rich pay their fair share.”

The Massachusetts Democrat said she also intends to work on other key priorities such as “reforming our trade practices, expanding Social Security, lowering drug prices, advancing racial equity, and enforcing our tax laws.”

“And I will continue to fight on issues like college affordability, cancelling student loan debt, adequate funding for K-12 schools, and racial equity in education,” said Warren. “There’s a lot of work to do.”

https://www.commondreams.org/news/2021/02/03/joining-powerful-finance-committee-warren-vows-introduce-wealth-tax-first-order

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1 COMMENT

  1. Buying Reality
    This rich global aristocracy of intergenerational fortunes use Tax Havens to stash an estimated 10% of the total output of all the economies of the world in shell companies that exist only on paper, a cost in revenue exceeding $800 billion a year.
    Tax Havens exist all over the world. Some are independent countries, like Panama, the Netherlands and Malta. Others are within countries, like the U.S. state of Delaware, or are territories, like the Cayman Islands.
    See
    https://www.icij.org/investigations/panama-papers/what-is-a-tax-haven-offshore-finance-explained/
    https://m.youtube.com/watch?v=bO6uXo8StTk&feature=youtu.be

    Golden Visas are very popular with these people.

    “In an increasingly global yet uncertain world, investing for second residency and citizenship has seen a surge in demand. Today’s Golden Visa has become an essential requirement for many high net worth families. Let us help you achieve your goals”.
    https://www.goldenvisas.com/

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