Ultra millionaire tax act

Sen. Elizabeth Warren (D-Mass.)  unveiled legislation to create a wealth tax for high-net-worth households, called the Ultra-Millionaire Tax Act, which would create an annual tax of 2 percent on the net worth of households and trusts between $50 million and $1 billion and a tax of 3 percent on net worth above $1 billion. The rate for net worth above $1 billion would increase to 6 percent if a "Medicare for All" health care plan is enacted.

So how much is that 2%?

When your net worth is 50,000,000$, that means 1,000,000$. As the average household income in the USA was 68,703 in 2019, that would mean 14.5 household's income tax. Comparing to that average income, 2% from that 68,703$ is 1374.06$. Which is little about 114$ per month.

In 2017 there were 205 people that made more than 50 million dollars a year.

How about net worth? To be in top 1%, you need at least 11,000,000$ net worth. So how many that top 1% is? There are roughly 1,456,336 households in America that have 10,000,000$ or more in net worth. And there are around 97,287 households with 50,000,000$ or more in net worth. 

Less than 100,000 households are affected by UMTA. 

And I bet there are people with that kind of wealth that will happily spend more money lobbying to stop that tax than what it would actually cost them.