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Wealth tax explainer: Why Elizabeth Warren and billionaires like George Soros alike are calling for a specialized tax on the ultra-wealthy

Wealth tax explainer: Why Elizabeth Warren and billionaires like George Soros alike are calling for a specialized tax on the ultra-wealthy
MANDEL NGAN/AFP/Getty Images



A wealth tax would make ultra-wealthy Americans pay the federal government a small percentage of their net worth each year.




Presidential candidates, tax experts, and billionaires alike have said the revenue from a wealth tax could be used to fight climate change and repair the country's infrastructure — if the IRS can find a way to enforce it.




Despite popular support, a wealth tax bill would have to overcome opposition in both Houses of Congress, the White House, and the Supreme Court before becoming law.




Visit Business Insider's homepage for more stories.



Income inequality in America is a serious problem, and all indications say it's only getting worse.
Since 1989, the wealthiest 1% of Americans have added $21 trillion to their combined net worths, while the poorest 50% of Americans have seen their combined net worths drop $900 billion, an analysis of Fed data reported in New York Magazine found.
A federal wealth tax is one potential solution that has been touted by presidential candidates and hedge fund billionaires alike. And the idea has support among Americans: An INSIDER poll shows that more than half of Americans support Senator Elizabeth Warren's wealth tax proposal.
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