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.READ MORE: Republican Nomination For Pennsylvania U.S. Senate Race Uncertain As Thousands Of Mail-In Votes Still Being Counted
U.S. Sen. Elizabeth Warren, who ran on a presidential campaign to tax the wealthy, tuned in virtually for the announcement.READ MORE: Father Of 18-Year-Old Killed In Sand Collapse On Toms River Beach Shares Message Remembering Son
If approved, the tax could generate $150 to $400 million in revenue every year.MORE NEWS: Former Giants CB James Bradberry Agrees To Terms On 1-Year Deal With Philadelphia Eagles
It would also be the first tax of its kind in a major U.S. city.