WASHINGTON (SBG) — Democratic lawmakers this week unveiled a proposal to tax the net worth of America’s wealthiest households.

Reps. Pramilia Jayapal, D-Wash., Brendan Boyle, D-Pa., and Sen. Elizabeth Warren, D-Mass, introduced the Ultra-Millionaire Tax Act on Monday.

The law would place a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion. Households and trusts over $1 billion would also pay an annual 1% surtax.

The lawmakers say the tax would bring in at least $3 trillion in revenue over 10 years without raising taxes for the vast majority of American households.

Warren pushed a similar proposal during her presidential campaign before dropping out of the race.

“As Congress develops additional plans to help our economy, the wealth tax should be at the top of the list to help pay for these plans because of the huge amounts of revenue it would generate,” Warren said in a release. “This is money that should be invested in child care and early education, K-12, infrastructure, all of which are priorities of President Biden and Democrats in Congress.

“I’m confident lawmakers will catch up to the overwhelming majority of Americans who are demanding more fairness, more change, and who believe it’s time for a wealth tax.”

The coronavirus pandemic has further escalated the wealth gap between America’s top earners and the lower and middle classes. Proponents of the ultra-millionaire tax say the proposal would help remedy that issue.

“As working families struggle to put food on the table, keep the heat on, and pay the rent during this devastating economic crisis that has caused the poverty rate to jump by the largest amount in at least 60 years, the rich have only gotten richer and the wealth of billionaires has jumped by 40%,” Jayapal said in a statement.

The Ultra-Millionaire Tax Act also creates systems to limit potential tax evasion. If passed, $100 billion would be invested in the IRS to ensure it has the resources to enforce the law, institute a 30% minimum audit rate for those required to pay the tax, and a 40% “exit tax” of any U.S. citizen with a net worth over $50 million and renounces their citizenship, among other measures.