Warren’s proposal calls for a tax of 2% on net worth above $50 million and another 1% on net worth above $1 billion. Her economic advisors, Emmanuel Saez and Gabriel Zucman of UC Berkeley, have said that would affect about 75,000 U.S. households, or less than 0.1% of the total, and raise $2.75 trillion over 10 years — about 1% of gross domestic product per year. Her plan goes hand in hand with other proposals to raise the marginal rate on the richest Americans to as much as 70% from the current 37%.

Source: Los Angeles Times May 17, 2019 19:25 UTC