In early January, Alexandria Ocasio-Cortez, a Democratic U.S representative, has proposed an idea: to raise, or nearly double, taxes for 75,000 of America’s wealthiest households. Senator Elizabeth Warren, also a member of the democratic party, has joined Cortez in her fight to tax the rich.“By asking our top 75,000 households to pay their fair share, my proposal will help address runaway wealth concentration and at the same time accelerate badly needed investments in rebuilding our middle class,” Warren was quoted in the New York Times as having said.Called the ‘ultra millionaire tax,’ the goal of this tax is to bring money to organizations that need it and to benefit the middle class. If imposed, the tax is expected to raise $2.75 trillion in tax revenue over the span of a decade.
