Article snippet: Senator Elizabeth Warren proposed a new “Ultra Millionaire” tax targeting the richest families in America Thursday, setting down an aggressive marker for the rest of the Democrats vying for the 2020 presidential nomination. The Massachusetts Democrat wrote on Twitter that the rich and powerful had shirked their fair share of taxes for too long. “After making a killing from the economy they’ve rigged, they don’t pay taxes on that accumulated wealth,” she wrote. “It’s a system that’s rigged for the top if I ever saw one.” Unlike the vast majority of tax proposals unveiled by politicians in the past, Warren’s vision is to tax accumulated wealth, not income. The annual tax would target 2 percent of all assets over $50 million, and 3 percent over $1 billion. This would raise an estimated $2.75 trillion over 10 years from what Warren refers to as the “tippy top” — 0.1 percent of American families, according to an analysis by economists Emmanuel Saez and Gabriel Zucman at the University of California at Berkeley. The proposal was first reported by The Washington Post and later confirmed by Warren. “This is brand new,” Warren said on MSNBC Thursday night. “When we’re only taxing income, we’re taxing two people who may have the same income but are in wildly different economic circumstances.” She said the trillions raised could fund child care, student loan relief, health care, and a “green new deal” to tackle climate change. “We’re going to be out there counting them, ... Link to the full article to read more