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

March 26, 2026

TL;DR

Senator Elizabeth Warren introduced the Ultra-Millionaire Tax Act of 2026.
The bill proposes a 2% annual tax on net worth over $50 million, plus an extra 1% for billionaires.
A 40% "exit tax" is proposed for those with over $50 million who renounce U.S. citizenship.
Economists estimate the bill could raise $6.2 trillion over the next decade.
The bill has support from 10 Democratic Senators and 39 Democratic House Representatives.
Several U.S. states, including Massachusetts and Washington, have recently advanced new taxes on the wealthy.
Research suggests millionaires are less likely to move due to taxes compared to the general population.
Strong federal enforcement is expected to limit tax evasion and avoidance.

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