How Much Elizabeth Warren's Net Worth Tax Would Cost Prominent Politicians

Massachusetts Senator Elizabeth Warren unveiled a detailed proposal for the "Ultra-Millionaire Tax Act" on Monday.

"The Ultra-Millionaire Tax Act would level the playing field and narrow the racial wealth gap by asking the wealthiest 100,000 households in America, or the top 0.05 percent, to pay their fair share," the senator's office said in a statement Monday.

The legislation aims to impose a "2 percent annual tax on the net worth of households and trusts between $50 million and $1 billion."

The bill also proposes placing a "1 percent annual surtax (3 percent tax overall) on the net worth of households and trusts above $1 billion."

But how much will Warren's proposed net worth tax cost America's richest politicians? More than half of Congress members are reported to be millionaires, based on financial disclosures filed in 2019 (which reflect their finances through 2018) obtained by the Center for Responsive Politics (CRP).

The CRP is a non-partisan, non-profit research group that "tracks money in U.S. politics and its effect on elections and public policy," according to its website.

What Net Worth Tax Would Cost Richest U.S. Politicians

Below we look at how much Warren's tax could cost some of the country's wealthiest politicians, including current members of Congress with the highest estimated net worth (above $50 million) based on data compiled by the CRP.

The net worth values listed below are based on reports of personal finances obtained by the CRP "covering the years from 2008-2018, for members of Congress from the Senate Office of Public Records and the Office of the Clerk of the House. The valuation of their assets is as of the last day of the year covered by the report," the OpenSecrets.org website notes.

"Net worth was calculated by summing the filer's assets and then subtracting any listed liabilities," the CRP explains.

"To estimate net worth, OpenSecrets averages the maximum and minimum value of lawmakers' assets and debts."

Donald Trump

  • Estimated net worth: $1,313,601,619.50
  • Amount of 2 percent tax: $26,272,032.39
  • Amount of 1 percent additional tax: $13,136,016.20
  • Total amount of net worth tax: $39,408,048.59

The former president's estimated net worth was calculated by taking the average of Trump's minimum net worth value and maximum net worth value based on his financial disclosures filed in 2019, which are listed on OpenSecrets.org. This method was used by the CRP to calculate the estimated net worth for all members of Congress.

Rick Scott (Republican Florida senator)

  • Estimated net worth: $259,663,681
  • Amount of 2 percent tax: $5,193,273.62

Mark Warner (Democratic Virginia senator)

  • Estimated net worth: $214,092,575
  • Amount of 2 percent tax: $4,281,851.50

Greg Gianforte (Republican former Montana representative; governor from 2021)

  • Estimated net worth: $189,334,335
  • Amount of 2 percent tax: $3,786,686.70

Paul Mitchell (Republican former Michigan representative)

  • Estimated net worth: $179,610,071
  • Amount of 2 percent tax: $3,592,201.42

Mitt Romney (Republican former Utah senator)

  • Estimated net worth: $174,490,570
  • Amount of 2 percent tax: $3,489,811.40

Vernon Buchanan (Republican Florida representative)

  • Estimated net worth: $157,169,056
  • Amount of 2 percent tax: $3,143,381.12

Mike Braun (Republican Indiana senator)

  • Estimated net worth: $136,831,124
  • Amount of 2 percent tax: $2,736,622.48

Don Beyer (Democratic Virginia representative)

  • Estimated net worth: $124,901,516
  • Amount of 2 percent tax: $2,498,030.32

Dean Phillips (Democratic Minnesota representative)

  • Estimated net worth: $123,765,476
  • Amount of 2 percent tax: $2,475,309.52

Nancy Pelosi (Democratic Speaker of the House)

  • Estimated net worth: $114,662,521
  • Amount of 2 percent tax: $2,293,250.42

John Hoeven (Republican North Dakota senator)

  • Estimated net worth: $93,379,138
  • Amount of 2 percent tax: $1,867,582.76

Dianne Feinstein (Democratic California senator)

  • Estimated net worth: $87,938,540
  • Amount of 2 percent tax: $1,758,770.80

Suzan DelBene (Democratic Washington representative)

  • Estimated net worth: $79,361,042
  • Amount of 2 percent tax: $1,587,220.84

Fred Upton (Republican Michigan representative)

  • Estimated net worth: $78,965,614
  • Amount of 2 percent tax: $1,579,312.28

Ron Johnson (Republican Wisconsin senator)

  • Estimated net worth: $78,467,014
  • Amount of 2 percent tax: $1,569,340.28

Roger Williams (Republican Texas representative)

  • Estimated net worth: $66,980,026
  • Amount of 2 percent tax: $1,339,600.52

Buddy Carter (Republican Georgia representative)

  • Estimated net worth: $66,464,062
  • Amount of 2 percent tax: $1,329,281.24
Elizabeth Warren U.S. Capitol March 2021
Senator Elizabeth Warren speaking at the U.S. Capitol in Washington, D.C. on March 1 to announce legislation that would impose a two percent net worth tax on America's wealthiest individuals. Chip Somodevilla/Getty Images