Notwithstanding that she never won a single primary – losing even her home state – Massachusetts Senator Elizabeth Warren has resurrected the centerpiece of that failed campaign, the Ultra-Millionaire Wealth Tax Act for consideration in the US Senate. Were it to be passed into law, the bill would create an annual tax of 2 percent on the net worth of households and trusts valued between $50 million and $1 billion and a 3 percent tax on net worth above $1 billion. Furthermore, should a “Medicare for All” health care plan be enacted, the Ultra-Millionaire Wealth Tax would then double to 6 percent for net worth above $1 billion. In addition, the bill provides a $100 billion increase in IRS appropriations and calls for a 30% audit of those individuals covered by the act as well as a 40% “exit tax”, should a covered individual renounce citizenship and move to another country – a financial Berlin Wall, if you will. The Biden administration has signaled a lack of interest in the wealth tax approach, so the bill is likely dead-on-arrival.