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By Vivian KaneMar 1st, 2021, 6:07 pm Elizabeth Warren ran her presidential campaign on a number of platforms (a plan for everything, after all) but one of her core ideas was the promise of implementing a “wealth tax” on American billionaires. Now that Warren is on the Senate Finance Committee, she’s back in a position to push for the tax. Warren introduced that legislation Monday, which would apply a 2% tax to a person’s net worth, starting after the $50 million mark. So if a person is worth $50 million and one dollars, they pay just two cents, and two more cents for every dollar up to $1 billion, at which point, they have to start paying an extra penny per dollar. Back during her campaign, this proposal was enough to make some billionaires break down in actual tears.

New yorkUnited statesSteve ballmerBill gatesPramila jayapalElizabeth warrenJeff bezosBrendanf boyleJoe bidenMackenzie scottLauren ashcraftJen psakiNew york timesInstitute for policy studies project on inequalitySenate finance committeeWhite house