Senator Elizabeth Warren (D-MA) has proposed an “ultra-millionaire tax.” It would only apply to households with net worth of $50 million or more. If passed, there would be a 2% tax on household net worth between $50 million and $1 billion (3% on net worth over $1 billion). U.S. citizens who renounce their citizenship would pay a 40% “exit tax” on net worth above $50 million. These taxes could raise $2.75 trillion over 10 years. Warren has formed an exploratory committee to run for president, which is the first step a candidate takes before formally declaring.