Ultra-Millionaire Tax Act Proposes New Tax On Americans With The Most

The S&P 500 pulled back from its all-time highs last week on investor concerns over inflation and rising bond yields. On Monday, Democratic Senator Elizabeth Warren introduced a new bill called the Ultra-Millionaire Tax Act. The legislation would implement a 2% annual wealth tax on Americans that have at least $50 million in wealth and a 3% tax on those with at least $1 billion in wealth.