Warren has proposed that that the newly created revenue be invested into education and infrastructure as well as subsidized child care programs, though that too would be up for debate. The bill also proposes a 40 percent tax penalty for anyone who might try to avoid the tax by renouncing their citizenship.
As was the case with proposed tax increases on the wealthy in the past, the bill will likely face resistance by Senate Republicans, and potentially other center-leaning Democrats, so before you go celebrating investments in any one social program, just remember this is still just a proposal...