3min 45sec @voxdotcom clip on the ultra-rich & what might be done to tax them

Found via a digg email

Text from youtube "American wealth inequality is staggering. A wealth tax, which would hone in on the money people actually have, rather than just the money we earn and spend, could be a solution.

An astounding amount of American wealth lies with very few ultra-rich people. But it isn’t taxed by the federal government. That's because most of the taxes we pay only happen when money changes hands — when we earn it or spend it.

This is what a recent proposal from Senator Elizabeth Warren tries to fix. Her plan is to tax fortunes greater than $50 million at 2 percent each year, and wealth greater than $1 billion at 3 percent. When you add it all up, those tiny slivers of massive fortunes would raise enough revenue to pay for huge programs for everyone else.