Democrats have a plan to make 'ultra-millionaires' pay their fair share

The April 15 deadline for filing federal income tax returns is fast approaching, and Sen. Elizabeth Warren of Massachusetts is back to remind us just how unfair and unbalanced the nation’s tax system is. After all, it lets the country’s wealthiest people get away with paying a lower tax rate than the average American.

On Tuesday, Warren and other progressive lawmakers renewed their efforts to increase taxes on multimillionaires and billionaires and ensure they pay their fair share. 

Warren reintroduced her proposal for an Ultra-Millionaire Tax Act. The UMTA would create a 2% tax on every dollar over $50 million, with an additional 1% tax on households that are worth more than $1 billion, according to a press release by the senator’s office.

The UMTA would affect the wealthiest 100,000 households in the U.S. and bring in at least $3 trillion over 10 years.