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US billionaires would have paid $114 billion between them in 2020 under an “ultra-millionaire” tax proposed by Sen. Elizabeth Warren of Massachusetts on Monday, according to two tax groups.

The bill, called the Ultra-Millionaire Tax Act, would apply an annual 2% tax on individuals with net worths between $50 million and $1 billion. Individuals worth more than $1 billion would pay an annual 3% tax if the bill becomes law.

Warren said the tax would only affect about 100,000 American families – and that the country’s billionaires would pay about half of the total details ⇒

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