On Wednesday (June 16), viewers of a "virtual" three-hour, full Senate Finance Committee hearing on the subject of President Biden's Fiscal Year 2022 budget were witness to a rare, 6 minute, 42-second exchange between Sen. Elizabeth Warren (D, Massachusetts) and Treasury Secretary Janet Yellen, about Elizabeth Warren's so-called "Ultra-Millionaire Tax."
This "wealth tax," aimed at households with US$50 million or more in net worth, Warren and her fellow supporters claimed, could bring in "at least US$3 trillion in revenue over 10 years – without raising taxes on the 99.95% of American households that have net worth below US$50 million."
The hearing had been meant to address President Biden's Fiscal Year 2022 budget, but towards the end, it gave Warren a chance to advocate for her wealth tax, which thus far has not been all that widely embraced by her fellow Democrats, keen as they also are to narrow the "tax gap" as they seek to repair the U.S. government's pandemic-wrecked finances.
In her testimony – which, via a press statement on her Senate website, she has posted a YouTube excerpt of, and which the Yellen struggled to respond to, owing to repeated interruptions – Sen. Warren details some of the findings from a recent report published by the New York-based, non-profit investigative journalism organization ProPublica, that she said revealed how, as she put it, "year after year, multibillionaires paid basically no federal income taxes... and, here's the worst part, it is possible that they did it all legally."
Back in March, just days after Sen. Warren and Representatives Pramila Jayapal (D, Washington) and Brendan Boyle (D, Pennsylvania) unveiled their Ultra-Millionaire Tax Act, Toronto-based lawyer and American expatriate rights advocate John Richardson (pictured above) managed to conduct an in-depth analysis of what the Warren Wealth tax might mean for American expats, if it were to win followers in Congress, with Virginia La Torre Jeker (also pictured above), a well-known, Dubai-based American tax lawyer, who blogs prolifically at us-tax.org.
To listen to their analysis on the American Expat Financial News Journal's YouTube channel, click here.
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