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Sen. Elizabeth Warren (D-MA) and Reps. Pramila Jayapal (D-WA) and Brendan Boyle (D-PA) have reintroduced their wealth tax legislation that would impose increased tax liability on the ultra-wealthy. The bill would impact taxpayers with household income in excess of $50 million.

The legislation would impose a two percent annual tax on household and trust net worth between $50 million and $1 billion. There would be a one percent annual surtax on household and trust net worth above $1 billion.

Prospects: Tax the rich proposals like this “Ultra-Millionaire Tax Act” will be in play during the upcoming major tax bill initiative in 2025. President Biden has also called for more taxes on multi-millionaires and billionaires. The tax-the-rich proposals will be of greater risk if Democrats regain control of the House, retain control of the Senate, and if President Biden wins another term in the White House. If, however, Republicans control one or more branches of government, the tax-the-rich proposals will be a heavier lift for Democrats (who will still try to advance them but will encounter more and higher roadblocks on the road to potential enactment). If Republicans sweep the November elections, chances for any tax-the rich-proposals go way down.

 NAIFA Staff Contact: Jayne Fitzgerald – Senior Director – Government Relations, at jfitzgerald@naifa.org.