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Sen. Warren on wealth tax: ‘I feel most individuals would relatively be wealthy’ and pay 2 or 3 cents extra

Sen. Elizabeth Warren defended her latest wealth-tax proposal Tuesday, telling CNBC she believes most People will not thoughts being wealthy sufficient to pay it.

The Massachusetts Democrat made the feedback in an interview on “Squawk Box,” someday after rolling out the proposal for a 2% annual wealth tax on people who’ve a web value above $50 million. Individuals whose web value is above $1 billion would face a 3% annual tax beneath the plan from Warren and different progressives, together with Vermont Sen. Bernie Sanders.

Warren campaigned on an identical wealth-tax concept throughout her unsuccessful marketing campaign for the Democratic presidential nomination in 2019 and 2020. Now, like then, she pitched asking rich People to pay 2 or 3 cents extra.

“It is arrange now to say, we’re not going to gather taxes on any asset value lower than $50,000, so this isn’t intrusive. It isn’t about coming into individuals’s properties and valuing their Sub Zeros or determining what their four-year-old vehicles are value,” Warren mentioned on CNBC.

“However it says when you’ve received a fortune above $50 million, you pay on it. And in case your fortune is under $50 million, you do not. Good for you, both manner,” she added. “I feel most individuals would relatively be wealthy and pay 2 cents. This isn’t very fancy. It truly is a tax on fortunes above $50 million.”

The concept of a wealth tax within the U.S. has confronted a variety of criticisms, together with from Treasury Secretary Janet Yellen, who has mentioned it has “very difficult implementation problems.”

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