As wealth taxes gain traction, Warren proposes levy on the ultra-rich

[BumRushDaShow]

Source: CBS News

Updated on: March 26, 2026 / 8:43 AM EDT / CBS News


As wealth taxes gain traction around the U.S., Sen. Elizabeth Warren is introducing a new bill that the Massachusetts Democrat said would raise trillions in federal revenue by placing new levies on people worth over $50 million.

The bill, called the Ultra-Millionaire Tax Act of 2026, would impose an annual 2% tax on the net worth of households and trusts over $50 million, and an additional 1% tax on the wealth of billionaires. To deter the ultra-rich from leaving the U.S. to avoid the new tax, the bill also proposes a 40% "exit tax" on anyone worth more than $50 million who renounces their American citizenship.

The bill is similar to one that Warren introduced in 2021. Since then, the fortunes of America's wealthiest families have soared, while millions of low- and middle-income families continue to face an affordability crunch.

Warren's bill would raise $6.2 trillion over the next decade, or more than double the amount that was forecast when Warren proposed her 2021 wealth tax, according to a new analysis by University of California, Berkeley, economists Emmanuel Saez and Gabriel Zucman, who are renowned for their work on economic inequality.

Read more: https://www.cbsnews.com/news/elizabeth-warren-wealth-tax-plan-ultra-millionaire-tax-act/

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Link to Sen. Warren PRESS RELEASE - Warren, Jayapal, Boyle, 45+ Lawmakers Renew Push for Wealth Tax on Ultra-Millionaires and Billionaires

Link to BILL (1 PAGER) (PDF) - https://www.warren.senate.gov/imo/media/doc/ultra-millionaire_tax_act_one-pager.pdf

Link to BILL (TEXT) (PDF) - https://www.warren.senate.gov/imo/media/doc/umta_bill_text.pdf

Link to BILL (SCORE) (PDF) - https://www.warren.senate.gov/imo/media/doc/ultra-millionaire_tax_act_score.pdf

[bucolic_frolic]

1. We should so vote on taxes instead of electing people to do it for us. /nt

[everyonematters]

2. This is what we need to be talking about. She is also working on a housing proposal.

[Omnipresent]

3. Even if it were passed (after being whittled down considerably)..

Last edited Thu Mar 26, 2026, 02:33 PM - Edit history (1)

The extra revenue would just be blown by other spending bills.
I know i sound cynical, but this is just how badly our political system works!

[KPN]

6. The past 60 years is more than ample proof of that I'd say.

[Omnipresent]

9. Both political parties know this.

Its just that repubs want that “worthless pile of shit” to be their dictator, to bypass all this, to enact their agenda.

[KPN]

11. Hard to argue against that at the party level. I do believe there are more Democrats than Republicans who are

genuinely interested in leveling the playing field, and the welfare of everyone being the foundation of a healthy society. Unfortunately, some of them get caught up in the campaign funding trap and/or their own success, and lose sight of original purpose.

The Rs on the other hand are all about greed and dominance, rationalized into what they mistakenly believe to be virtues --independence, self-reliance, trickle down benefits of wealth accumulation, etc.

[LiberalArkie]

4. This is no where close to the top tax rate that made America great - Before Reagan Taxcut (BRT) or the create

moer billionaires act

[Buddyzbuddy]

5. It's a good start in the right direction.

It's our job to send the people to D.C. to get it done.

It has to be baby steps. Look at what the billionaire class has done when there was only a hint of a wealth tax in the future. To them, it's worth it to use up to half their wealth to cause chaos and disruption if it meant keeping the rest of their wealth. So far, they've only spent a fraction of a percent.

The poorer we get, the more power and control, they get.

START STOPPING THEM NOW, ASAP!

[KPN]

7. And the reality is, they (billionaires) don't have to use anywhere near half their wealth to torpedo tax policies aimed

at more equitable wealth and tax distribution.

[littlemissmartypants]

8. So we just give up? I say whittling them down with persistence should be a consideration. ❤️

[Buddyzbuddy]

15. That is absolutely true.

[DFW]

10. I'll never come anywhere close to being affected by such a tax

So, it’s no skin off my back if such a bill ever passes.

But a friend of mine in Dallas would be affected. Or, at least he would have been until he donated $20 million to build a public park in a depressed part of Dallas. After that, I don’t know if he is still worth that much. But he has always paid his 39.6% or whatever it is the top tax rate is. He is just really smart as an investor. I just don’t see a bunch of bureaucrats coming to tell him, « we didn’t get you enough the first time, so we’re back for more until we say we are cool with what you have left. » As if bureaucrats have EVER spent wisely when given control of more money than they know what to do with (Kash Patel, Nicolae Ceausescu, it’s the same anywhere).

A post-war German politician called a tax like this « Neidsteuer, » or jealousy tax, when one was proposed here. The German Supreme Court struck it down immediately anyway. The post-war German constitution expressly forbids a double taxation, since the previous (1933-1945) regime used it on a group they declared to be evil and greedy, and justified their (i.e. Third Reich) wealth tax by saying it was directed at « bad » people. Jews then, « the rich » now. There must be a better way to approach this issue, since I fear the end result will ultimately turn out to be similar if left with the current rhetoric. Unless there is a clear specific ironclad plan in place before The Great Enteignung happens, I see only a repeat of the past. The former « the rich » become the new poor, and the lowly bureaucrats are suddenly the ones controlling the wealth, and, as has ALWAYS happened in the past, they then spend it on themselves.

[patphil]

12. I think it's a great idea. The super rich have had an easy time of it tax wise for some time now.

They're a drain on the GDP; taking much more than they give back. The lower and middle classes have carried a far greater tax burden than the wealthy for far too long.
This is one of the ways the rich keep getting richer while the best the rest of us can do is tread water, if that.

The biggest problem is the terrible Citizen's United decision by the Supreme Court that gave the super rich far too much monetary influence over our elected officials. It's created a "best government money can buy" Congress and Presidency. So, of course, they have no interest in anything that would derail that gravy train.

[mdbl]

13. They still need to pay off the Iraq war when they were behind the bush administration.

[Warpy]

14. We desperately need a clawback

Just ending Fatso's series of fiscally suicidal tax cuts for his class won't do the trick, although it needs to be done first.

It should be abundantly clear to everyone that running things on the cheap by working a few government emoployees beyond all reason just doesn't work. See: the recent collision at La Guardia Airport. There wqs ONW air traffic controller on duty instead of the eight the jcvery large airport required. This was no accident, this was a design feature of Republican governance. This "accident" was going to happen, t;here is no way one person can run a large international airport.

The sooner the clawback starts to happen, the sooner we can get this country back on track.