Sen. Warren Proposes Wealth Tax on Top 0.1 Percent
27th March 2026
But you know it won’t stay that low on that narrow a slice of ‘rich’ people, any more than the income tax did.
Sen. Elizabeth Warren, D-Mass., and progressive House lawmakers on Thursday unveiled a proposal to impose new annual taxes on the nation’s wealthiest households, arguing it would address inequality and generate significant federal revenue.
The Ultra-Millionaire Tax Act of 2026, introduced alongside Reps. Pramila Jayapal, D-Wash., and Brendan Boyle, D-Pa., would apply a 2% annual tax on household net worth above $50 million and a 3% rate on wealth exceeding $1 billion.
The plan targets roughly 260,000 households, or about the top 0.15% of Americans, while leaving taxes unchanged for most taxpayers.
Democrats never saw a pocket that they didn’t want to pick.
Lawmakers backing the bill said the current tax system does not fully capture wealth held by the ultra-rich, allowing some high-wealth individuals to pay lower effective rates relative to their assets than middle- and working-class families.
Nowhere, of course, do they explain why it’s so important to ‘fully capture wealth held by the ultra-rich’; they just presume that their audience is as consumed by envy as they are. If the rich pay lower effective rates, that’s what the law allows them to do; rather than change the law to make things more ‘fair’ (which they can’t be bothered to do), the just want to do a snatch-and-grab on ‘wealth’ that represents investment that drives the economy. A classic case of killing the goose that lays the golden eggs.