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

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.

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