Elizabeth Warren Is Pushing a New Tax Plan for Ultra-Rich Americans

Senator Elizabeth Warren is backing a new law that would impose a major tax on the ultra-wealthy population, so much so that it could trigger some to consider leaving the country. And in that case, there’s a backup plan in place that would target those trying to dodge paying it.

In March 2026, the Ultra-Millionaire Tax Act of 2026 was introduced, which Warren strongly supports. It would target households and trusts worth over $50 million, and increase the tax burden even further for billionaires.

Here’s the gist of the new law Warren is seeking approval for, how it could impact the American people, and how people are responding to it.

The Ultra-Millionaire Tax Act of 2026, which has over a dozen supporters, was first introduced to the House on March 25, 2026, and is now being pushed by Massachusetts Senator Elizabeth Warren for more exposure.

The bill calls for a 2 percent tax on ultra-wealthy individuals in the U.S., specifically those with a net worth of over $50 million, and that includes trusts. Here’s the exact wording as outlined in the bill: “‘net value of all taxable assets’ means, as of any date, the value of all property of the taxpayer, real or personal, tangible or intangible, wherever situated, reduced by any debts owed by the taxpayer.”

Those whose net worth and assets push them into the billionaire category would be subject to an additional 1 percent tax.

While it wouldn’t be surprising for many to try to dodge such a tax through loopholes like leaving the U.S., the ultra-rich tax bill also seeks to impose a 40 percent “exit tax” on net worths above $50 million if they give up their American citizenship, CBS News points out.

According to an Instagram post shared by Warren, the plan could “deliver universal child care, build millions of homes, expand Medicare, provide paid family leave, and fund tuition-free public college.” She says a lot more could be accomplished through imposing such a tax. To put it into perspective, Warren said on X (formerly Twitter) that the “Ultra-Millionaire Tax Act would generate over $6 trillion over the next decade — without raising taxes on 99.85 percent of American households.”

In a statement to CBS, Warren explained: “While multi-millionaires and billionaires are getting richer and richer, families are getting squeezed by a rigged economy. My bill is about basic fairness and making the ultra-wealthy pay their fair share. It’s time for the government to stop listening to the richest of the rich and start working for working people.”

While Warren is quick to assure the Ultra-Millionaire Tax Act of 2026 will help hold the wealthy more accountable for their income and assets, some people aren’t convinced that what they pay in, if the bill is passed, will actually go toward the American people. “Who cares how much you can generate through tax when you and your friends in office have proven time and time again you cannot balance a budget,” one person commented on her X post.

Another wrote, “None of your grand plans for other people’s money EVER help any American.”

Other comments seem to echo a similar sentiment, suggesting that even if the government does collect more in taxes from the rich, it could end up in the wrong hands and not reach the citizens who need it through the resources promised to them.