Elizabeth Warren has set the stage for a colossal battle at the U.S. Supreme Court over her proposed wealth tax on households worth more than $50 million.
The proposal, to raise trillions of dollars to fund a host of social programs that are key to the Massachusetts senator's agenda. This would awaken an area of constitutional law that has lain dormant for decades.
And it would put Warren on an early collision course with a branch of government that could determine the success or failure of her administration.
The proposal would impose a 2 percent tax on net worth between $50 million and $1 billion. A 3 percent tax would apply to household net worth above $1 billion. In total, according to the proposal, Warren's "ultra-millionaire tax" would raise $2.75 trillion in revenue over a 10-year period from fewer than 80,000 families.
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