Rudy Torres/Avalon/Zuma

Facts matter: Sign up for the free Mother Jones Daily newsletter. Support our nonprofit reporting. Subscribe to our print magazine.

The wealth tax lives. On Tuesday, Sen. Elizabeth Warren (D- Mass.) said her “first order of business” in the Senate would be to introduce legislation to follow through on her signature campaign promise: a 2 percent tax on fortunes above $50 million. “It is time to make the ultra-rich pay their fair share,” she said.

The tax would, estimates indicate, only hit 75,000 households. With it, “we could provide universal child care and universal preschool and raise the wages of every child care worker and preschool teacher in America,” Warren said on MSNBC. “We could put money into K-12. We could make post-high school education—two-year-college, four-year-college, technical school—tuition free.”

Warren, who will join the Senate Finance Committee, did not introduce any specific legislation, but it will likely reflect the much-debated policy she touted on the campaign trail. The wealth tax takes a snapshot of assets—including homes and overseas holdings—to levy a tax (with the IRS taking the lead on assessing net worth), according to Warren’s memo. It only affects wealth above the $50 million threshold. If an individual held assets at $60 million, it would only tax 2 percent of $10 million. Warren’s plan also calls for beefing up the IRS to ward off tax evasion.

Think of it this way: Even if Jeff Bezos isn’t making an income as Amazon’s CEO, he’d still have to pay a tax on his roughly $200 billion fortune. One of the authors of Warren’s tax plan, Gabriel Zucman, noted another coincidence:

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate