{"id":106178,"date":"2021-02-03T02:47:36","date_gmt":"2021-02-03T02:47:36","guid":{"rendered":"https:\/\/fin2me.com\/?p=106178"},"modified":"2021-02-03T02:47:36","modified_gmt":"2021-02-03T02:47:36","slug":"warren-to-join-senate-finance-committee-immediately-introduce-wealth-tax-bill","status":"publish","type":"post","link":"https:\/\/fin2me.com\/politics\/warren-to-join-senate-finance-committee-immediately-introduce-wealth-tax-bill\/","title":{"rendered":"Warren To Join Senate Finance Committee, Immediately Introduce Wealth Tax Bill"},"content":{"rendered":"

Nearly one year after suspending a presidential campaign that she built on the idea of a national wealth tax, Sen. Elizabeth Warren (D-Mass.) is poised to join the Senate Committee on Finance and introduce legislation to make her stump speech a reality.<\/span><\/p>\n

Warren pledged Tuesday that she will \u201cpress giant corporations, the wealthy, and the well-connected to finally pay their fair share in taxes\u201d while on the committee, which oversees the Internal Revenue Service and the nation\u2019s taxation policies.<\/span><\/p>\n

If passed, her bill would levy a two-cent tax on every dollar of individual wealth over $50 million, with an additional tax on every dollar over $1 billion. She said in a tweet that it would be her \u201cfirst order of business.\u201d\u00a0<\/span><\/p>\n

While average Americans have had to worry about job stability, child care and health care costs if they become sick during the coronavirus pandemic, the ultra-wealthy<\/span> have benefited tremendously<\/span>. In the United States alone, billionaires reportedly<\/span> added $1 trillion<\/span> to their collective wealth since the start of the pandemic. Tech billionaire Elon Musk has tripled his net worth. Ten billionaires<\/span> made enough money<\/span> in the pandemic to cover the cost of coronavirus vaccinations for the entire world, with funds leftover.\u00a0<\/span><\/p>\n

Warren, a former Harvard Law professor, has long maintained that her wealth tax would make it possible to fund universal preschool education and child care, to pump money into public school districts and eliminate some student loan debt, although implementing it would present a number of practical issues.<\/span><\/p>\n

\u201cI look forward to being a progressive voice at the table to secure meaningful relief and lasting economic security for struggling families,\u201d Warren said Tuesday.\u00a0<\/p>\n

Sen. Ron Wyden (D-Ore.) will chair the finance committee, Senate Majority Leader Chuck Schumer confirmed Tuesday.<\/p>\n

\u201cOur to-do list is long,\u201d Warren continued. \u201cWe 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 \u2015 including a wealth tax on fortunes over $50 million to fund needed investments for working families.\u201d<\/p>\n

Polling during her campaign indicated popular support for reducing income inequality in the U.S. More than 60% said\u00a0in July 2019 that they would support such measures.\u00a0<\/p>\n

Warren also noted that she intends to serve as \u201can aggressive advocate for accomplishing much of our agenda through the budget reconciliation process.\u201d\u00a0<\/p>\n

In a Senate chamber where Democrats have the slimmest of majorities, budget reconciliation is expected to become an invaluable tool for senators seeking to pass legislation in support of President Joe Biden\u2019s agenda. Passing a bill through budget reconciliation requires just a simple majority approval, but only a limited number of bills that affect federal spending and revenue can be passed this way \u2015 such as former President Donald Trump\u2019s 2017 tax cut bill.<\/p>\n

RELATED…<\/h3>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nearly one year after suspending a presidential campaign that she built on the idea of a national wealth tax, Sen. 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