Warren Proposes 'Ultra-Millionaire Tax' As Part Of 2020 Bid

Puerto Rico Elizabeth Warren — Elizabeth Warren, United States senator from Massachusetts and one of the many Democrats running for president in 2020, speaks at the "Community Conversation about Puerto Rico and its Recovery" held at the Alejandro Tapia y Rivera Theater, in San Juan, Puerto Rico, Tuesday Jan. 22, 2019. Warren addressed the hardships Puerto Rico has endured in the past two years, particularly its debt crisis and the recovery in the aftermath of Hurricane Maria.

By Elana Schor | Associated Press

January 24, 2019

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

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

The new tax plan released Thursday by the Massachusetts Democrat would impose a new 2 percent fee annually on American households' net worth greater than $50 million.

The overall new tax bill on wealthy households would rise to 3 percent for households on their net worth above $1 billion under Warren's plan.

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

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