Sen. Elizabeth Warren (D-Mass.) is sharing her frustration with her wealth tax proposal as it appears she is having difficulty getting it passed in Congress.
In March, Warren unveiled her Ultra-Millionaire Tax Act, which would implement a 2% tax on fortunes of over $50 million. The New York Times reported, “Warren’s wealth tax would apply a 2 percent tax to individual net worth — including the value of stocks, houses, boats and anything else a person owns, after subtracting out any debts — above $50 million.”
The newspaper added, “It would add an additional 1 percent surcharge for net worth above $1 billion.”
During an appearance on MSNBC host Stephanie Ruhle pointed out a majority of voters support a wealth tax.
Ruhle asked Warren, “Can you help us understand where’s the resistance?”
Warren explained, “You know, I feel really frustrated about this one… I keep talking this up. I try to talk about it on the Republican and Democratic side in the Senate and the House and I’ve got a lot of partners in this but not enough to move it forward.”
Check out the video below:
.@SenWarren on her wealth tax proposal and getting it passed in Congress: "You know, I feel really frustrated about this one."#RuhleReports pic.twitter.com/ZQaBPVmM4k
— MSNBC Reports (@MSNBC_reports) May 27, 2021
The senator noted most of America paid around 7.2% of their total wealth in 2020.
“That top one tenth of 1%, the people who would be affected by the wealth tax, they paid 3.2%, less than half as much. A wealth tax, they’d still be getting a great deal. To me it’s like we’ve gotta get this breakthrough,” Warren said.
She continued, “We’ve got to persuade our elected representatives that it is time not just to focus on income, where the differences are big, but to focus on wealth, where the differences are enormous, and where those big fortunes are out there now creating their own weather systems… it’s time for a wealth tax in America.”