Senator Warren is going after the super wealthy when it comes to her tax plan.
In an interview with MSNBC, Warren said her tax on the rich would raise almost three trillion dollars in ten years.
“That’s the kind of money where we could pay for child care, high quality child care, for all of our kids. It’s the kind of money where we could do real relief on student-loan debt. It’s the kind of money where we could make a real start on a Green New Deal. It’s the kind of money where we could bring down the cost of health care.”
Warren calls her proposal the “ultra-millionaire tax” and it would charge a 2 percent tax annually on net worth individuals between $50 million and $1 billion, and a 3 percent tax above $1 billion.
The tax could be deferred for up to five years with interest, and the proposal includes provisions aimed at preventing evasion, with increased funding for IRS enforcement.
In addition, since the first thought that crossed my mind were those who renounce their U.S. citizenship, Warren’s plan provides for an exit tax as well.
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