Warren, along with leftist Democrat Reps. Pramila Jayapal (WA) and Brendan F. Boyle (PA), have reintroduced the Ultra-Millionaire Tax, which would impose a wealth tax and captivity tax ("exit tax"), and would also allot $100 billion for increasing tax audits on the the wealthy.

As law professor, author, and political commentator Jonathan Turley called it in a Wednesday column, an "Eat the Rich" plan. As you might imagine, Turley isn't a fan of a wealth tax — and that's just the beginning.

The wealth tax is back. We have previously discussed the constitutional and policy concerns surrounding the push by Democrats like Sen. Elizabeth Warren (D., Mass.) to introduce a wealth tax that would start with billionaires. It would not likely end there. //

It is worth noting that the top 1 percent’s income share rose from 22.2 percent in 2020 to 26.3 percent in 2021 and its share of federal income taxes paid rose from 42.3 percent to 45.8 percent.” The top 50 percent of all taxpayers paid 97.7 percent federal income taxes,. The bottom 50 percent paid the only 2.3 percent.

Even more stark, in 2021, the bottom half of taxpayers earned 10.4 percent of total adjusted gross income and paid 2.3 percent of all federal individual income taxes, while the top 1 percent earned 26.3 percent of total AGI and paid 45.8 percent of all federal income taxes.