Democratic Lawmakers Unveil Controversial Ultra-Millionaire Tax Act

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Democrats want the ultra-wealthy to revive the economy through what they’re calling the Ultra-Millionaire Tax Act.

A group of Democratic lawmakers unveiled the tax act. It’s a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion, and a 3% tax overall on billionaires.

Lawmakers says about 100,000 American families would be subjected to the tax and it would raise about $3 trillion over a decade.

The money would pay for expanding health care, child care and infrastructure.

Other lawmakers say taxing the wealthy is unconstitutional.

Meanwhile, the stock exchange is threatening to leave New York if state legislators move forward with a transfer tax on stock sales.