Elizabeth Warren vows to introduce wealth tax following landing spot on Finance Committee

After asserting that she had landed a spot on the powerful Senate Finance Committee, Sen. Elizabeth Warren, D-Mass., on Tuesday reported she ideas to immediately introduce legislation to impose a wealth tax on unique fortunes over $50 million with the intention of reining in soaring inequality and funding “necessary investments for doing the job family members.”

“I’m incredibly delighted to be a part of the Finance Committee, exactly where I will carry on to battle on behalf of functioning families and press big companies, the wealthy, and the well-connected to last but not least spend their truthful share in taxes,” Warren claimed in a assertion. “I seem forward to getting a progressive voice at the desk to protected significant relief and lasting economic safety for battling households, like as an intense advocate for carrying out a great deal of our agenda by the funds reconciliation procedure.”

At the prime of the Massachusetts senator’s to-do record on signing up for the finance panel — which has jurisdiction around the Inner Earnings Service — will be advancing a two-cent tax on each individual dollar of specific wealth more than $50 million, a proposal that Warren pushed during her 2020 presidential bid. Warren’s campaign approximated that the two-cent wealth tax would elevate $3.75 trillion in income in excess of the following 10 years.

“My initial order of business enterprise on the Senate Finance Committee — the committee that sales opportunities tax and revenue coverage in the Senate — will be to introduce laws for a prosperity tax on fortunes earlier mentioned $50 million,” Warren tweeted Tuesday. “It is time to make the extremely-abundant pay back their honest share.”

The Massachusetts Democrat said she also intends to work on other vital priorities these as “reforming our trade procedures, expanding Social Stability, decreasing drug selling prices, advancing racial fairness, and imposing our tax legislation.”

“And I will keep on to combat on difficulties like college or university affordability, cancelling university student financial loan financial debt, satisfactory funding for K-12 schools, and racial fairness in training,” explained Warren. “You will find a lot of perform to do.”

Majority Chief Chuck Schumer, D-N.Y., on Tuesday introduced a comprehensive list of Democratic committee assignments, which need to be ratified by the total Senate.

Months into the new Congress, Senate committee memberships have but to be finalized as Schumer and Minority Leader Mitch McConnell, R-Ky., iron out the information of a should-move arranging resolution, which the Kentucky Republican delayed in an exertion to maintain the archaic legislative filibuster.

McConnell’s sluggish-strolling of the organizing resolution means Republicans have remained in cost of numerous key committees right until this week, and had been in position to keep up some of President Biden’s nominees.

Schumer introduced on the Senate flooring Wednesday that he and McConnell had finally arrived at a deal on the arranging resolution. In a statement on Tuesday, incoming Senate Finance Committee chairman Sen. Ron Wyden (D-Ore.) claimed he is “thrilled to welcome” Warren to the panel and seems ahead to “operating with her on a assortment of challenges, specially fixing our broken tax code and guaranteeing billionaires and mega-businesses spend their reasonable share.”

“Money inequality will be a major target of my legislative and investigative get the job done,” reported Wyden, “and Senator Warren will absolutely participate in a important job in advancing this agenda.”