Elizabeth Warren’s wealth tax proposal is getting pushback from cryptocurrency analyst Willy Woo, as reported by Newsbreak.
Recently, Warren, along with Representatives Pramila Jayapal and Brendan Boyle, reintroduced the Ultra-Millionaire Tax Act of 2026, which targets billionaires like Jeff Bezos, as reported by Financial Freedom Countdown.
In a post on X, Warren said the tax proposal targeting Bezos could provide a solution to a bunch of problems. She wrote, “Jeff Bezos has $222 billion. If he paid my wealth tax this year, we could fund insulin in America for everyone who needs it plus free school lunch for every kid in Texas—and have plenty of money left over.”
She further added, “And Bezos would still have $215 billion to spare.”
Jeff Bezos has $222 billion.
If he paid my wealth tax this year, we could fund insulin in America for everyone who needs it plus free school lunch for every kid in Texas—and have plenty of money left over.
And Bezos would still have $215 billion dollars to spare.
— Elizabeth Warren (@SenWarren) April 5, 2026
According to Warren’s campaign website, this Act “taxes the wealth of the richest Americans.”
It further clarified that “It applies only to households with a net worth of $50 million or more—roughly the wealthiest 75,000 households, or the top 0.1%. Households would pay an annual 2% tax on every dollar of net worth above $50 million and a 6% tax on every dollar of net worth above $1 billion.”
The proposal states, “Because wealth is so concentrated, this small tax on roughly 75,000 households will bring in $3.75 trillion in revenue over a ten-year period.”
The website also states that there would be no extra tax on any household with a net worth of less than $50 million. This represents 99.9% of American households, as reported by the website.
Woo, however, claimed that money is better used by someone like Bezos than by the government. He gave the example of California’s high-speed rail project, which showcases slow progress.
Woo wrote, “Bezos spends $15B, develops a space program, creates new technologies.
California spends $15B to build high speed rail, zero miles delivered. You’re proposing to move capital from the best capital allocator to the worst, one rife with fraud and overspending.”
I cannot wait to see this. The revival of the space program, through NASA, SpaceX, and Blue Origin, is one of my favorite developments of the decade. https://t.co/vEsmaVwvw0
— David French (@DavidAFrench) April 1, 2026
Bezos invested in Blue Origin, which successfully launched its New Glenn rocket with two NASA spacecraft headed to Mars, according to The Guardian. The company is also planning on launching 5,408 satellites for a new communications network in 2027.
Many users on X criticized Woo for comparing public works investment with Blue Origin, which also has a space tourism program. Even Katy Perry became a part of the crew, which received significant backlash, as reported by the BBC.
One wrote, “Right, cause that (fake) space program is really benefitting the common man who cant pay for insulin, medical bills, electricity, gas, lunch for his kids etc etc etc.”
Warren issued a statement to CBS News about the Act, “While multi-millionaires and billionaires are getting richer and richer, families are getting squeezed by a rigged economy.”
She added, “My bill is about basic fairness and making the ultra-wealthy pay their fair share. It’s time for the government to stop listening to the richest of the rich and start working for working people.”
