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Elizabeth Warren proposes new 'wealth tax' on Americans worth more than $50 million

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This tax would target assets not income

Scott Eisen/Getty Images

Sen. Elizabeth Warren's presidential campaign has revealed that, if elected, she plans to slap a 2 percent wealth tax on any Americans with assets worth more than $50 million, and a 3 percent wealth tax on anyone with assets worth more than $1 billion.

Here's what we know

Warren (D-Ma.) announced her new plan for a tax rate on Twitter on Thursday. She stressed in multiple tweets that the tax would only affect "that tippy top 0.1% — those with a net worth of over $50 million." This rate would tax assets, instead of focusing on income.

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