I'm calling on you to co-sponsor and vote yes on Senator Warren's Ultra-Millionaire Tax Act of 2026. This bill would impose a 2% annual tax on household wealth over $50 million and 3% on billionaires, generating $6.2 trillion over the next decade to fund childcare, paid family leave, tuition-free community college, and lowering Medicare eligibility to age 55.
The case for this is straightforward. Research by UC Berkeley economists Emmanuel Saez and Gabriel Zucman shows that the 400 richest Americans now pay a lower effective tax rate than everyone else. Meanwhile, the nation's 905 billionaires are worth $7.8 trillion, up 25% in just one year. Only 260,000 households would pay this tax, yet it would raise more than double what the 2021 version projected because wealth concentration has exploded.
The concern about wealthy people fleeing is overblown. Stanford research found that millionaires actually migrate less than the general population, and the bill includes a 40% exit tax to prevent expatriation schemes. Strong federal enforcement works. This is about basic fairness in an economy that squeezes working families while the ultra-wealthy pay less than the rest of us.
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