By CBS3 Staff

PHILADELPHIA (CBS) — Progressives in the Philadelphia City Council have introduced a tax on the city’s wealthy. Councilmember Kendra Brooks introduced the “Philly Wealth Tax” during a Zoom call Tuesday to combat inequality in the city.

It’s a municipal tax that would tax wealth in stocks and bonds.

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U.S. Sen. Elizabeth Warren, who ran on a presidential campaign to tax the wealthy, tuned in virtually for the announcement.

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If approved, the tax could generate $150 to $400 million in revenue every year.

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It would also be the first tax of its kind in a major U.S. city.