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Warren Proposes New Tax on People With $50M or More

As she hits the campaign trail, Sen. Elizabeth Warren of Massachusetts is proposing a very ambitious agenda, including Medicare and public college for all.

Expensive? Yes. But she has a plan for paying for it. It's a key proposal of Warren's presidential campaign: a wealth tax, paid for by those who have more than $50 million in assets.

"This is the ultra rich," Warren said. "You're going to have to pay 2 percent a year of that amount over $50 million."

The concept is appealing to many voters.

"If they can afford it, why not?" asked Karen Zelman. "To compensate the people who can't afford it."

"Not being from that wealth bracket, I am all for the additional taxation," added Dylan Johnson.

The plan is also being panned, most publicly by two billionaires who would have to pay up. Testing the waters of a presidential campaign in New Hampshire Tuesday, former New York Mayor Michael Bloomberg said we shouldn't be embarrassed by our system.

"If you want to look at a system that is non-capitalistic," Bloomberg said, "just take a look at what was perhaps the wealthiest country in the world, and today, people are starving to death. It's called Venezuela.”

Starbucks CEO Howard Schultz, a likely Independent presidential candidate, called the plan ridiculous.

"What's 'ridiculous' is billionaires who think they can buy the presidency to keep the system rigged for themselves while opportunity slips away for everyone else," Warren responded on Twitter.

"It's not going to get enough votes in the Congress, either in the House or the Senate," Republican politcal analyst Gene Hartigan said. "And it's certainly not going to be signed by any president."

"This could help win her the Democratic nomination, but could it help her in a general election? I don't think so," said Boston University Political Science Professor Thomas Whalen.

Warren is confident her proposal will connect with all kinds of voters who are tired of seeing the system continue to be tilted in favor of the wealthy.

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