Sen. Elizabeth Warren (D-Mass.) renewed her push to tax the richest Americans on Thursday responding to reports showing growing wealth inequality nationwide.
Warren Defends Wealth Tax
Warren reacted to a Wall Street Journal report published last month that found the richest 0.1% of Americans had more than doubled their wealth since late 2019 to almost $28 trillion.
The report said households in the top 0.1% control approximately 15% of national wealth and hold an average net worth exceeding $200 million.
“All I’m asking for is a 2-cent wealth tax on the richest Americans,” the senior Democrat said on X.
Warren has called for an ultra-millionaire wealth tax, proposing a 2% annual tax on household wealth between $50 million and $1 billion and a 6% tax on wealth exceeding $1 billion.
She argues this revenue could fund investments like universal child care, free community college, Medicare expansion, and more — without raising taxes on 99.85% of American households.
Jamie Dimon, CEO of JPMorgan Chase & Co. (NYSE: JPM), has argued that higher taxes alone won’t solve underlying issues, urging reforms to policy gaps and better use of government funds instead.
Polymarket Punters React
Betting crowd on Polygon (CRYPTO: POL)-based Polymarket currently prices in a 25% chance that California’s one-time billionaire wealth tax passes in this year’s general election, down from 30% the week before.
Meanwhile, odds that New York City Mayor Zohran Mamdani passes the proposed 2% tax on the city’s millionaire residents before 2027 remained low at 3%.
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