Critics say Elizabeth Warren s wealth tax plan breaks the law. They re wrong, according to multiple law professors. insider@insider.com (Juliana Kaplan)
Elizabeth Warren recently introduced a wealth tax on the top 0.05% of American households.
The measure could bring in billions in tax revenue, but faces questions over whether it s constitutional.
Insider talked to 7 law professors about these concerns, including 5 who signed a letter in its support.
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It s a measure that a majority of Americans support, and could bring in billions in tax revenue, but beyond the political will to make it law it faces several legal obstacles. Besides implementation concerns, it might not be allowed under the Constitution.
Thursday on CNBC's "Squawk Box, Rep. Pramila Jayapal (D-WA) defended her proposed Ultra-Millionaire Tax Act, which would tax the wealthiest 100,000 households in the nation. | Clips
Nothing like a multimillionaire lecturing other multimillionaires. Elizabeth Warren insists the wealthy donât pay their âfair shareâ of taxes. The Massachusetts senator unveiled her latest wealth tax this week, called the Ultra-Millionaire Tax, in which she and cosponsor Bernie Sanders propose that people pay an annual 2% on every dollar of net worth above $50 million and 3% on wealth above $1 billion. On its face, who could oppose requiring this pittance from people who obviously have more than enough? And since itâs supposedly for education and child care, that means itâs
for the children!
Warrenâs net worth is a mere $8.75 million so her tax assessment would not cost her a dime â unlike Nancy Pelosi, whose estimated net worth is $114 million.