Warren: Billionaires should ‘stop being freeloaders’

Sen. Elizabeth WarrenElizabeth WarrenThe Hill's Campaign Report: Biden chips away at Trump's fundraising advantage Warnock raises almost M in Georgia Senate race in second quarter The Hill's Morning Report - Trump lays low as approval hits 18-month low MORE (D-Mass.), who announced an exploratory committee for president last month, defended her new proposal that would ramp up taxes on the nation’s highest earners.

“You know that top one-tenth of 1 percent this year, taxes all in, they're gonna pay about 3.2 percent of their total worth in taxes to help keep everything running around here. You know what the 99 percent is gonna pay this year? They're gonna pay about 7.2 percent of their wealth. That's more than twice as much,” she said on CNBC Thursday.

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“What I want is I want these billionaires to stop being freeloaders. I want them to pick up their fair share. That's how we make a system that works not just for the rich and the powerful but works for all of us.”

Warren, who is one of several progressive candidates likely seeking the Democratic nomination in 2020, proposed a “ultra-millionaire tax,” this weekend for those with a net worth that exceeds $50 million. 

“All I'm asking for is a little slice from the tippy, tippy top. A slice that would raise — and this is the shocking part, Jim — about $2.75 trillion over the next 10 years,” she said Thursday. “That's money we need so that every kid in this country has a decent child care opportunity, has an opportunity for pre-K, has an opportunity for a decent school.”

Warren has hit back against criticism of the plan from Michael Bloomberg and Howard Schultz, two billionaire businessmen who are considering Democratic and independent presidential bids, respectively.

“We have watched billionaires stand up and say, ‘Look, I want to run for president. And one of the first planks in my plan is going to be no new taxes for billionaires,’ ” she said Thursday. 

Warren’s tax proposal comes as Sen. Kamala HarrisKamala Devi HarrisJaime Harrison seeks to convince Democrats he can take down Lindsey Graham Senators push foreign media to disclose if they are registered as foreign agents Warnock raises almost M in Georgia Senate race in second quarter MORE (D-Calif.), who announced this month her presidential campaign, and Sen. Bernie SandersBernie SandersThe Memo: Unhappy voters could deliver political shocks beyond Trump Democratic senator will introduce bill mandating social distancing on flights after flying on packed plane Neil Young opposes use of his music at Trump Mount Rushmore event: 'I stand in solidarity with the Lakota Sioux' MORE (I-Vt.), considered by many to be a likely candidate, introduced their own tax plans ahead of a fight to court the progressive wing of the Democratic Party.