Elizabeth Warren Pledges Wealth Tax to Fight Income Inequality

Senator Elizabeth Warren (D-MA) announced on Tuesday that her first priority as a member of the Senate Finance Committee is to enact a two-cent wealth tax on every dollar over $50 million to combat the grotesque income inequality in the United States.

Photo by Anna Moneymaker-Pool/Getty Images

The Senator said in a statement that the Democratic Party, which holds a one-seat Senate majority, will bypass Republicans through budget reconciliation to pass as much progressive legislation as they can:

I’m very pleased to join the Finance Committee, where I’ll continue to fight on behalf of working families and press giant corporations, the wealthy, and the well-connected to finally pay their fair share in taxes. I look forward to being a progressive voice at the table to secure meaningful relief and lasting economic security for struggling families, including as an aggressive advocate for accomplishing much of our agenda through the budget reconciliation process. 

Our to-do list is long. We must provide immediate relief for families struggling under the weight of twin health and economic crises. We must make health care in America a human right and expand public programs like Medicaid and lower the Medicare eligibility age. And we must ensure those at the very top actually pay their fair share to keep America strong – including a wealth tax on fortunes over $50 million to fund needed investments for working families.

I also welcome the opportunity to engage as a member of the Finance Committee on other longstanding priorities of mine, like reforming our trade practices, expanding Social Security, lowering drug prices, advancing racial equity, and enforcing our tax laws. And I will continue to fight on issues like college affordability, canceling student loan debt, adequate funding for K-12 schools, and racial equity in education. There’s a lot of work to do and I look forward to working with Chairman Wyden and the entire Committee.

In addition to serving on the Senate Finance Committee, Warren will also continue to sit on the Banking, Housing, Urban Affairs, and Armed Services Committees, as well as the Senate Special Committee on Aging.

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