Source: The Hill
A new wealth tax proposed by Sen. Elizabeth Warren (D-Mass.) and other progressives on Monday would result in the 100 richest Americans paying over $78 billion in taxes annually, according to analysis by Bloomberg News.
The bill, called the Ultra-Millionaire Tax Act, would require households with a net worth of more than $50 million to pay 2 percent of their wealth every year. A 1 percent surtax would be added for those with a net worth in excess of $1 billion.
This would only slightly retard the growth in their wealth. It would have zero effect on job growth. The notion that this trickles down is a myth. The notion that this would prevent “job creators” from investing in their businesses is a myth.