DEMOCRAT Elizabeth Warren has been the senator of Massachusetts since 2013. Warren, 71, was a strong candidate in the 2020 Democratic Party presidential primaries. Who is Elizabeth Warren? Born June 22, 1949, Warren is a politician and former law professor at several prestigious law school’s – specializing in bankruptcy law. A graduate of the University […]
DEMOCRAT Elizabeth Warren has been the senator of Massachusetts since 2013.
Warren, 71, was a strong candidate in the 2020 Democratic Party presidential primaries.
Born June 22, 1949, Warren is a politician and former law professor at several prestigious law school’s – specializing in bankruptcy law.
A graduate of the University of Houston and Rutgers Law School, she taught at universities such as the University of Houston, the University of Texas at Austin, the University of Pennsylvania and Harvard University.
Warren was one of the most influential professors of bankruptcy law before beginning her career in politics.
She has written eleven books and more than 100 articles.
Warren got started in public policies in 1995, when she worked to oppose what eventually became a 2005 act restricting bankruptcy access for individuals.
She served as chair of the Congressional Oversight Panel of the Troubled Asset Relief Program, and she proposed and established the Consumer Financial Protection Bureau, for which she served as the first special advisor under President Barack Obama.
In 2012, Warren defeated incumbent Republican Scott Brown and became the first female US senator from Massachusetts.
During her ran in the 2020 presidential election, she was highly considered the front-runner for the Democratic nomination in late 2019, but support for her campaign slowly declined.
She officially withdrew from the race on March 5, 2020.
Warren has a net worth of $8million, according to Celebrity Net Worth.
On March 1, Warren introduced a bill in the Senate that would impose a new tax on the assets of America’s wealthiest individuals.
The bill, which was introduced by Warren, Pramila Jayapal (D-Wash) and Brendan Boyle (D-PA), is similar to a proposal that was the centerpiece of Warren’s campaign for the presidency in 2020.
The bill would levy a 2 percent tax for people with a net worth between $50million and $1billion.
Taxpayers with assets worth over $1billion would be subject to a 3 percent tax.
However, the tax would not apply to people whose net worth is below $50million.
The bill’s sponsors estimate that it would raise $2.75trillion in tax revenue over a ten-year period.
In February, Treasury Secretary Janet Yellen said she isn’t planning a wealth tax like Warren’s because it’s “something that has very difficult implementation problems”.
“We designed this wealth tax by building on the experiences of other countries that put together a wealth tax and weren’t always successful.
“We saw where the mistakes were and made sure we tightened it up,” Warren told CNN Business on March 1 after introducing her Ultra-Millionaire Tax Act.
“People say, ‘Well, rich people cheat so we shouldn’t even try to use a wealth tax.
“But if rich people cheat, that doesn’t mean we should just give up and let them pay taxes at lower rates than everyone else. That means we need to hire more enforcement and make them follow the rules.
“Once you’ve got the wealth tax in place, it’s not very hard to monitor year by year,” the Massachusetts senator added.
“If last year you owned real estate, this year you either better own that same real estate or have a lot of cash that you took in a sale.”
