IT BEGINS: Elizabeth Warren to Introduce ‘Wealth Tax’ on High-Income Americans

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Sen. Elizabeth Warren is poised to unveil her “wealth tax” against high-income Americans and those with over $50 million in miscellaneous assets in the coming days, reports CNBC.

“Sen. Elizabeth Warren, D-Mass., is planning to propose a ‘wealth tax’ on some of the richest Americans, an economist who advises her told CNBC on Thursday,” writes CNBC.

“The new tax from Warren, who recently announced her bid to challenge President Donald Trump in 2020, would only apply to Americans with more than $50 million in assets,” adds the site.

“The Warren wealth tax is pretty big. We think it could have a significant affect on wealth concentration in the long run,” said her economic advisor. “This is a very interesting development with deep root causes: the fact inequality has been increasing so much, particularly in wealth, and the feeling our current tax system doesn’t do a very good job taxing the very richest people.”

Read the full report at CNBC.