Senator Warren and other progressive lawmakers want “millionaire” tax
In a bid to get more tax from wealthy and firms, some senators are proposing a wage hike. Though there is some resistance among lawmakers, they insist it is the best for everyone.
Senators propose tax for wealthy people
Senator Elizabeth Warren has joined other lawmakers and the US House like Pramila Jayapal and Branda Boyle to propose a tax on households worth more than $60 million. The progressive lawmakers said on Tuesday that the tax dubbed' Ultra-Millionaire tax act' is to put everyone on the same economic pedestal.
This is in line with the 3% annual tax on homes and trust valued between & +$60 billion and $1 billion. However, for all households worth over $1 billion, they will be taxed 4%. This lawmakers group says the proposal would give the US economy $4 trillion in revenue in a decade.
Financial experts say the bill will help the economy
This is buttressed by financial experts Emmanuel Saez and Gabriel Zucman. '' The wealthy and mighty have turned the tables in their favor, and how they need to give back to society '' This tax is popular among all party members and should be supported by all''. However, economic experts have warned that such a tax is hard to pass as the house is evenly divided along party lines.
Democrats have an edge since the VP can have an edge, but the majority of bills need agreement from 60% of the senators to succeed. This is going to be hard, as democrats have not succeeded to get support from Republicans even for a wage hike. The Democrats are hoping to use a special budget policy to pass the law, whether this will succeed is another story entirely.
Another viable option is to convince the majority of the Republican senators to support the bill which doesn't look likely to happen.