Senator Elizabeth Warren and Representatives Pramila Jayapal and Brendan Boyle have proposed the Ultra-Millionaire Tax Act of 2024. According to the trio, the legislation would apply a 2% tax on the wealth of families with holdings between $50 million and $1 billion, and a 3% tax on billionaires. These two brackets represent just the wealthiest 0.05% of Americans or 100,000 families.

Voters in Warren's home state of Massachusetts narrowly approved a 4% surtax on incomes over $1 million in a statewide ballot referendum in November 2022. The state Department of Revenue estimates the national tax will generate over $1.5 billion in revenue for the fiscal year ending June 2024, according to WBUR – Boston.

Meanwhile, the wealth of the 400 richest Americans is greater than that of all 10 million Black households in the country. The bill would bring in at least $3 trillion over the next decade. “We could take Social Security and Medicare off the chopping block forever, and start to achieve a better balance of wealth and influence in the country,” claims the Trio. This could be good news for millions of African Americans. Social Security is the only income of 40 percent of African American seniors.

The bill imposes a tax on the net value of all taxable assets. The bill defines the net value of all taxable assets as the value of all property of the taxpayer, real or personal, tangible or intangible.

This bill would provide the IRS with $100 billion to enforce the tax, including audits of 30% of taxpayers required to pay the tax imposed by this bill. A 40% "exit tax" on the net worth above $50 million of any U.S. citizen who renounces their citizenship to escape paying their fair share in taxes.

Hank Adler and Madison S. Spach, Jr. criticized the last Warren and Bernie Sanders bills that would have taxed the wealthiest Americans. In the November 4, 2019, issue of Tax Notes Federal, they believed that the proposal was unconstitutional.