Elizabeth Warren's New Ultra-Millionaire Tax Could Raise $6.2 Trillion in Revenue

Senator Elizabeth Warren of Massachusetts hopes to target the fat cats with the Ultra-Millionaire Tax of 2026. The newly proposed bill aims to raise trillions of dollars in new federal tax revenue from the filthy rich individuals, worth more than $50 million.

Sharing her thoughts on X, Warren wrote, “Elon Musk and Jeff Bezos shouldn't be paying the same amount in Social Security tax as someone making $175,000 a year. Billionaires are not paying their fair share.”

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According to a CBS News report, the bill “would impose an annual 2 percent tax on the net worth of households and trusts over $50 million, and an additional 1 percent tax on the wealth of billionaires.” The news outlet also reported that California is considering a similar tax on billionaires.

Warren said in a press release that she hopes to bridge the gap between those who have excessive fortune and everyday Americans struggling to make ends meet. Her statement read, “While multi-millionaires and billionaires are getting richer and richer, families are getting squeezed by a rigged economy.”

Notably, the Massachusetts Legislature implemented a Millionaire’s Tax in 2024, which received voters’ approval. She added, “My bill is about basic fairness and making the ultra-wealthy pay their fair share.”

The law professor turned politician further added that she hopes to “generate $6.2 trillion in revenue over the next decade, more than double the score of the bill when it was first introduced five years ago, and enough money to pay for investments like universal child care, free community college, Medicare expansion, and more – without raising taxes on 99.85 percent of American households.”

To make sure these individuals don’t give up their U.S. citizenship to avoid tax payment, Warren also proposes a 40 percent “exit tax.” Her website states, “To deter the ultra-rich from leaving the U.S. to avoid the new tax, the bill also proposes a 40 percent ‘exit tax’ on anyone worth more than $50 million who renounces their American citizenship.”

Warren’s proposal received mixed reactions from netizens, mostly assertive. One X user commented, “Keeping in mind that these billionaires depend on tens of thousands of workers to enable them in their personal and business lives, why shouldn’t they contribute to those people’s comfortable retirement?”

Another user chimed in, saying, “Fair point, but it's also about fairness and equality in taxation. Wealthy individuals and corporations should contribute their fair share.”

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Rep. Tim Burchett disagreed with her statement, saying, “You act like @JeffBezos and @elonmusk take their money and stuff a Dadgum mattress with it. They reinvest it willingly and create jobs. You want to steal their money for your pet Government projects that create nothing.”

Another comment read, “No one has stolen and transferred more wealth from the American People than the People in Congress and the Fraudulent Government Programs they fund with Taxpayer money.”