Warren to Join Senate Finance Committee, Plans to Introduce Wealth Tax
"Wealth tax" legislation aims to impose a two cent tax on every dollar of individual wealth over $50 million, and an extra surtax on every dollar of wealth over $1 billion.
Sen. Elizabeth Warren, D-Mass., is set to become a member of the Senate Finance Committee in the 117th Congress and plans to introduce legislation implementing a wealth tax on fortunes over $50 million.
Senate Majority Leader Chuck Schumer (D-N.Y.) announced Senate Democratic committee memberships late Tuesday. All memberships have been agreed upon by the Democratic Conference and are subject to ratification by the full Senate.
“I’m very pleased to join the Finance Committee, where I’ll continue to fight on behalf of working families and press giant corporations, the wealthy, and the well-connected to finally pay their fair share in taxes,” Warren said Tuesday in a statement.
“I look forward to being a progressive voice at the table to secure meaningful relief and lasting economic security for struggling families, including as an aggressive advocate for accomplishing much of our agenda through the budget reconciliation process,” she explained.
The Senate Finance Committee has jurisdiction over taxation and revenue policy, including oversight of the Internal Revenue Service.
Reactions to the News
“I’m thrilled to welcome Senator Warren to the Finance Committee,” said incoming Senate Finance Chairman Ron Wyden, D-Ore., in a statement. “Senator Warren has been a tireless advocate for the middle class and I look forward to working with her on a range of issues, particularly fixing our broken tax code and ensuring billionaires and mega corporations pay their fair share.”
Warren’s “wealth tax” legislation reflects her 2020 campaign proposal to impose a two cent tax on every dollar of individual wealth over $50 million, with an additional surtax on every dollar of wealth over $1 billion.
“Our to-do list is long,” Warren said. “We must provide immediate relief for families struggling under the weight of twin health and economic crises. We must make health care in America a human right and expand public programs like Medicaid and lower the Medicare eligibility age.
“And we must ensure those at the very top actually pay their fair share to keep America strong — including a wealth tax on fortunes over $50 million to fund needed investments for working families,” the senator added.
Warren also sits on the Senate Banking Committee; the Senate Committee on Health Education Labor and Pensions, or HELP, Committee; the Senate Special Committee on Aging; and the Senate Armed Services Committee.
Wyden noted that income inequality “will be a major focus of my legislative and investigative work, and Senator Warren will certainly play a significant role in advancing this agenda.”
Warren’s “longstanding commitment to affordable health care and accountability for entrenched special interests will also be a welcome addition as the committee works to lower health care costs for families,” Wyden added.