real estate and partnership interests. For
large estates, lengthy litigation is often
required to settle valuation disputes. It
is hard to imagine the IRS undertaking
that valuation process every year.”
According to the Tax Foundation,
Warren’s original proposal would tax
household net wealth above $50 million
at a 2% rate per year and above $1 billion
at a 3% rate.
“Sen. Warren boosted the size of thebillionaire’s wealth surcharge to 6%from 3% when she released her planto pay for Medicare for All,” the TaxFoundation said.
INCOMING CHAIR WYDEN WEIGHS IN
“I’m thrilled to welcome Senator Warren
to the Finance Committee,” said Senate
Finance Chairman Ron Wyden, D-Ore.,
in a statement. “Senator Warren has
been a tireless advocate for the middle
class and I look forward to working with
her on a range of issues, particularly fix-
ing our broken tax code and ensuring
billionaires and mega corporations pay
their fair share.”
Warren’s “wealth tax” legislation
reflects her 2020 campaign proposal to
impose a two cent tax on every dollar of
individual wealth over $50 million, with
an additional surtax on every dollar of
wealth over $1 billion.
“Our to-do list is long,” Warren said.“We must provide immediate relief forfamilies struggling under the weight oftwin health and economic crises. Wemust make health care in America ahuman right and expand public programs like Medicaid and lower theMedicare eligibility age.
“And we must ensure those at thevery top actually pay their fair shareto keep America strong — including awealth tax on fortunes over $50 millionto fund needed investments for workingfamilies,” Warren added.
Wyden noted that income inequal-
ity “will be a major focus of my legisla-
tive and investigative work, and Senator
Warren will certainly play a significant
role in advancing this agenda.”
Warren’s “longstanding commitmentto affordable health care and accountability for entrenched special interestswill also be a welcome addition as thecommittee works to lower health carecosts for families,” Wyden added.
MORE COMMITTEE ASSIGNMENTSWarren also sits on the Senate BankingCommittee; the Senate Committee onHealth Education Labor and Pensions,or HELP, Committee; the Senate SpecialCommittee on Aging; and the SenateArmed Services Committee.
The chairman of the Senate BankingCommittee is Sherrod Brown, D-Ohio,while the incoming HELP Committeechair is Sen. Patty Murray, D-Wash.
REP. NEAL TO REINTRODUCE
SECURE ACT 2.0
“Strengthening retirement policy continues to be a priority of mine, andimproving Americans’ long-term financial security has taken on even greaterimportance now that so many peoplehave had to draw from their savingsduring the COVID crisis,” Neal toldInvestment Advisor in a Jan. 19 emailmessage.
“I plan to reintroduce the Securinga Strong Retirement Act this Congressand expect it will pass with broad bipartisan support, just as the Secure Act didin 2019,” he added.
The Securing a Strong Retirement Actof 2020, commonly called Secure Act 2.0,builds on the Setting Every CommunityUp for Retirement Enhancement(Secure) Act of 2019.
Other priorities for Neal in the new
Congress, which he laid out in a 14-page
• Strengthening and improving Social
Security benefits, particularly for
• Protecting Social Security disabil-
ity benefits from harmful regula-
tions and other attacks designed to
reduce access to benefits; and
• Implementing automatic IRAs and
401(k)s; requiring automatic enroll-
ment in 401(k)-type plans.
Neal was reelected chairman of Waysand Means, the House’s chief tax-writ-ing committee, on Dec. 3.
He and ranking member Kevin Brady,R-Texas, introduced the Secure Act 2.0on Oct. 27. His bill to shore up multiemployer pension plans was also includedin the next stimulus bill.
“The COVID- 19 economic downturnhas only worsened the multiemployerpension crisis and increased theurgency with which we must act tohelp folks whose financial securityis at risk,” Neal said in a statementThursday.
The Emergency Pension PlanRelief Act of 2021, which Neal introduced in mid-January and intendedto address “the worsening multiemployer pension crisis that threatensthe savings of more than a millionAmerican workers and retirees,” isa standalone version of a provisionfrom the House-passed Heroes Act,he explained.
“The workers and retirees enrolledin these failing plans did everythingright — they put away money yearafter year to save for their futures,even forgoing pay raises to do so,”Neal said.
“I’m committed to getting a solution to this crisis signed into law asquickly as possible, and have evenurged Speaker Pelosi to include amultiemployer fix in the next COVIDrelief legislation the House considers,”he added.
The Emergency Pension Plan ReliefAct of 2021 is an updated version ofthe Rehabilitation for MultiemployerPensions Act (known as the ButchLewis Act), which passed both theWays and Means Committee and thefull House in 2019.
Washington Bureau Chief Melanie Waddell canbe reached at firstname.lastname@example.org.