Us Senator Elizabeth Warren, Congressman Pramila Jayapal and Brendan Boyle have proposed a new wealth tax on households with a net worth of more than $50 million.

The lawmakers said on Monday that under the new tax, known as the Super millionaire tax Act, a 2 per cent tax would be levied on households and trusts with net worth of between $50 million and $1 billion a year, creating a "fairer" economy. The tax rate for more than $1 billion is 3 per cent.

It is difficult for the wealth tax to be passed by the U.S. Senate, which is currently divided equally between the two parties, and most bills need the support of 60 senators to move forward.

Note: this translation is an excerpt and does not represent the views of the original English text.