Wealth Tax

A wealth tax would impose a tax on the things that the ultra-rich own – luxury items like yachts, as well as real estate and luxury vehicles. It would work to curb past and existing accumulations of excessive wealth that are often untaxed and passed down from generation to generation, adding to dynastic family wealth.

A wealth tax proposed by Senator Elizabeth Warren (D-Massachusetts) would tax all assets above $50 million at 2 percent, and all assets above $1 billion at 3 percent. It is estimated that there are approximately 75,000 ultra-rich households in the United States to whom this tax would apply.

A wealth tax like the one proposed by Senator Warren could raise $2.75 trillion over 10 years.