- Dec 7, 2002
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Ultra-Millionaire Tax | Elizabeth Warren
A two-cent tax on the great fortunes of more than $50 million can bring in nearly $3 trillion to rebuild America’s middle class.
elizabethwarren.com
That’s why we need a tax on wealth. The Ultra-Millionaire Tax taxes the wealth of the richest Americans. It applies only to households with a net worth of $50 million or more—roughly the wealthiest 75,000 households, or the top 0.1%. Households would pay an annual 2% tax on every dollar of net worth above $50 million and a 3% tax on every dollar of net worth above $1 billion. Because wealth is so concentrated, Saez and Zucman project that this small tax on roughly 75,000 households will bring in $2.75 trillion in revenue over a ten-year period.
A Calculator For The Billionaires | Elizabeth Warren
Some billionaires seem confused about how much they would pay under Elizabeth’s Ultra-Millionaire Tax. So we’ve created a calculator to do the math for them.
elizabethwarren.com
Okay, so the proposal is 2% on wealth between 50 million and 1 billion. When you run the calculator on 1 billion in wealth it checks out at 19 million (obviously rounding a little.)
Then, it’s supposed to be 3% past 1 billion. Therefore, on another billion of wealth it should be 30 million additional. However, it calculates 79 million, which would be expected if they‘re collecting 2% on the first billion and 6% on the second billion.
If you run it on 100 billion just for a round number you’d expect 5.959 billion and you get... exactly that.