The Democrat campaign to confiscate wealth continued on Thursday when Sen. Elizabeth Warren (D–Mass.) introduced the Ultra-Millionaire Tax Act of 2026. The bill comes on the heels of a series of wealth taxes that have been enacted or proposed in states and the halls of Congress in recent weeks.
Warren's bill would impose a 2 percent annual levy on household and trust wealth above $50 million and a 3 percent rate on wealth above $1 billion. University of California, Berkeley, economists Emmanuel Saez and Gabriel Zucman estimate that approximately 260,000 American families would be subject to the tax. Assuming a 15 percent tax avoidance rate, the economists project the ultra-millionaire tax raising $514 billion this year and $6.2 trillion over the next decade. Instead of using the revenue to reduce the country's $1.8 trillion (and climbing) deficit, Warren proposes dramatically increasing social spending by instituting universal child care, free community college, Medicare expansion for those 55 and older, and paid family leave.
