Elizabeth Warren bought a full-page ad in a GOP billionaire's newspaper so she could taunt him about the $2.3 billion he'd pay under year one of her wealth tax

• Warren bought a full-page ad in a newspaper that's owned by Sheldon Adelson, a Republican billionaire, and said he would pay $2.3 billion in the first year of her wealth tax.
• The taunt comes a day after the Democratic debate in Nevada, where Warren lambasted another billionaire on the stage, former New York City Mayor Mike Bloomberg.
• The Warren wealth tax would start with households that own $50 million worth of assets.
• Visit Business Insider's homepage for more stories.

Sen. Elizabeth Warren bought a full-page ad in a newspaper owned by a prominent Republican billionaire and taunted him over how much he'd pay in the first year of her proposed wealth tax.

The Massachussetts senator taunted Sheldon Adelson, the GOP megadonor and casino magnate, with the ad in Thursday's edition of the Las Vegas Review-Journal after the ninth Democratic primary debate. Only a day before, she tore into former New York City Mayor Mike Bloomberg, another billionaire, over his treatment of women, huge wealth and regulatory views.

Jon Ralston of the Nevada Independent tweeted out an image of the advertisement, which printed Adelson's estimated net worth of $39.6 billion. It estimated that the casino owner would end up paying $2.3 billion in the wealth tax's first year, coming out to less than 6% of his wealth.

The newspaper ad said that the wealth tax would be used to invest in childcare, student debt reduction, and additional funds for public school students in Nevada.

Warren's signature proposal is a wealth tax on everything the richest Americans own. Her plan would kick in at $50 million with households paying a 2% annual tax on their assets like stocks, paintings, yachts, and homes. It would ramp up to 6% for households with fortunes over $1 billion.

Presidential candidate Bernie Sanders also backs a similar plan, and both would substantially shrink the fortunes of billionaires.

The Massachussetts senator had previously ripped into Adelson, a key Republican fundraiser in the 2016 election. She called him out in 2018 on a Japanese casino deal that the White House lobbied for and said it was emblematic of corruption.

The 86-year-old billionaire is a close ally of the Trump administration, and he's expected to donate $100 million toward efforts to support the president's re-election as well as other GOP candidates, the Guardian reported.