WASHINGTON, D.C. – Today, U.S. Sen. Elizabeth Warren (D-Mass.), U.S. Reps. Pramila Jayapal (D-Wash.), Brendan Boyle (D-Pa.) and others, introduced the Ultra-Millionaire Tax Act of 2021. Susan Harley, managing director of Public Citizen’s Congress Watch division, released the following statement:
“The pandemic has laid bare America’s staggering wealth inequality. From mass job losses to record high Wall Street gains, we’ve seen the ultra-wealthy’s fortunes become ever more bloated while millions of Americans suffer. It’s time to level the playing field, and the Ultra-Millionaire Tax Act takes the first steps.
“If passed, 99.95% of Americans won’t pay an extra dime in taxes. The bill imposes a simple, small tax on the super-rich that will generate nearly $3 trillion in desperately needed funding over the next decade. As the COVID-19 pandemic has shown the need for making sure health care is a right, not a privilege, it’s especially important to have a progressive tax like this in place that ensures ultra-millionaires are helping pick up the tab for needed health care expansion or other investment priorities.
“For far too long, the super-rich have benefitted from a rigged game. It’s time for Congress to make our tax code work for everyday people, not just the privileged few. It’s time to tax the wealth of those with a net worth of at least $50 million.”