Elizabeth Warren

The Hidden Costs of Elizabeth Warren's 'Ultra-Millionaire' Tax

The Massachusetts senator fails to consider how her tax would harm middle class Americans and slow economic growth.

Jack Nicastro | 3.27.2026 10:24 AM

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(Illustration: Adani Samat/Midjourney/Abaca Press/Douliery Olivier/Abaca/Sipa USA/Newscom)

The Democrat campaign to confiscate wealth continued on Thursday when Sen. Elizabeth Warren (D–Mass.) introduced the Ultra-Millionaire Tax Act of 2026. The bill comes on the heels of a series of wealth taxes that have been enacted or proposed in states and the halls of Congress in recent weeks. 

Warren's bill would impose a 2 percent annual levy on household and trust wealth above $50 million and a 3 percent rate on wealth above $1 billion. University of California, Berkeley, economists Emmanuel Saez and Gabriel Zucman estimate that approximately 260,000 American families would be subject to the tax. Assuming a 15 percent tax avoidance rate, the economists project the ultra-millionaire tax raising $514 billion this year and $6.2 trillion over the next........

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