Senator Elizabeth Warren, D-Mass., will join the Senate Committee on Finance in the 117th Congress, she announced on Tuesday.
She also announced plans to introduce legislation implementing a wealth tax on fortunes over $50 million. The Finance Committee’s jurisdiction covers taxation and revenue policy, including oversight of the Internal Revenue Service.
The senator’s 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.”
Warren will remain on the Senate Committee on Banking, Housing, and Urban Affairs, the Senate Armed Services Committee, and the Senate Special Committee on Aging.
“I’m very pleased to join the Finance Committee, where I’ll continue to fight on behalf of working families and press giant corporations, the wealthy, and the well-connected to finally pay their fair share in taxes,” Warren said in a statement. “I look forward to being a progressive voice at the table to secure meaningful relief and lasting economic security for struggling families, including as an aggressive advocate for accomplishing much of our agenda through the budget reconciliation process.”
‘Long to-do list’
Claiming a long to-do list, immediate relief for families struggling under the weight of what she called the twin health and economic crises is an immediate priority.
“We must make health care in America a human right and expand public programs like Medicaid and lower the Medicare eligibility age. And we must ensure those at the very top actually pay their fair share to keep America strong—including a wealth tax on fortunes over $50 million to fund needed investments for working families.
She concluded by noting she welcomes the opportunity to engage as a member of the Finance Committee on longstanding issues, like reforming our trade practices, expanding Social Security, lowering drug prices, advancing racial equity, and enforcing our tax laws.
“And I will continue to fight on issues like college affordability, canceling student loan debt, adequate funding for K-12 schools, and racial equity in education. There’s a lot of work to do and I look forward to working with Chairman Wyden and the entire Committee.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.