In June, Disney called for a wealth tax. She said she prefers a wealth tax over philanthropic spending because she wants to live in a world where people have health care and don’t need food stamps—a world where people don’t feel hunger and experience homelessness.
Warren is proposing a two percent wealth tax on ultra-millionaires with net worth of $50 million to $1 billion and six percent for those with worth of more than $1 billion.
Billionaires opposing Warren’s wealth tax
A number of billionaires including Ron Baron, Lloyd Blankfein, Leon Cooperman, Bill Gates, John Ricketts, David Rubenstein and Peter Thiel opposed Warren’s tax proposal.
In a letter to Warren last month, Cooperman said many of her “economic and tax initiatives” and “vilification of the rich are misguided.” He noted a 2016 data from the Internal Revenue Service (IRS) showing that the top one percent of taxpayers collectively paid a greater share (37.3%) of the total individual federal income taxes paid than the bottom 90 percent combined (30.5%).
