Sen. Elizabeth Warren debated CNBC anchor Joe Kernen Tuesday morning over her proposal for a 2% wealth tax on those who have over $50 million and a 3% wealth tax on fortunes over $1 billion.

“I think most people would rather be rich and pay two cents,” Sen. Elizabeth Warren told CNBC’s “Squawk Box” Tuesday. “This is not very fancy. It really is a tax on fortunes above $50 million.”

“If we’ve crossed the Rubicon and said, ‘you have more money than you can ever spend, you don’t need it, you need to help out the rest of us,’ why not make it truly progressive and do 10 percent at a billion, do 20 percent at 10 billion?” host Kernen said.

“I think $3 trillion sounds like a lot of money, actually,” Warren said. “For just a minute, can we talk about what that 2 cents, 3 cents would be?”

“It’s not punitive on those at the top. They can still grow their fortunes. But here’s the thing, it’s enough for universal child care. It’s enough for universal pre-k. It’s enough to make sure that every baby in this country has good care, and raise the wages of every child care worker and pre-school teacher in America,” she said.

“Senator, you didn’t answer me,” the CNBC host replied.

“I cannot believe that I’ve gotten you to say we should tax the rich more, Joe,” Warren laughed. “I’m loving this morning! I’m loving this moment.”

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