What a sad day this is for America. Massachusetts Senator Elizabeth Warren (D, MA) now wants to impose a first-ever wealth tax on Americans – just as we predicted.

As wealth taxes gain traction around the U.S., Sen. Elizabeth Warren is introducing a new bill that the Massachusetts Democrat said would raise trillions in federal revenue by placing new levies on people worth over $50 million.

The bill is called the Ultra-Millionaire Tax Act, and would impose an annual 2% tax on the net worth of households and trusts over $50 million, and an additional 1% tax on the wealth of billionaires. It’s an annual tax, so over time the feds could confiscate half of one’s wealth.

What’s even scarier is that anyone worth more than $50 million who renounces their U.S. citizenship would be assessed an “exit tax” of 40%. It’s a financial Berlin Wall.

Warren estimates her punitive plan, which has 49 Congressional co-sponsors, would raise $6.2 trillion over the next decade, a preposterously exaggerated number. But rather than direct the revenue gusher to pay down the debt they so often complain about, progressive say it all go new spending boondoggles and special interest groups.

The economics of this are terrifying: Senator Warren would take billions of dollars from America’s most effective job creators and wealth producers and instead use this money to fund bogus Somali-run day care centers.