Today, with @PramilaJayapal & @RepBrendanBoyle, I’m introducing a bill for a two-cent #WealthTax on net worths above $50 million—a few cents more for billionaires. This will raise at least $3 trillion to #BuildBackBetter and increase opportunity for all.
nytimes.com/2021/03/01/bus…
nytimes.com/2021/03/01/bus…
Right now, we live in an America tilted toward the ultra-rich and the powerful. The tax system is so full of loopholes and special breaks that families in the top 0.1% pay about 3.2% of their wealth in taxes while the bottom 99% pay about 7.2% in taxes.
Since the pandemic crisis started, billionaire wealth has shot up 40%, while millions remain unemployed and families struggle to keep a roof over their heads and food on the table. It’s time for a #WealthTax to make ultra-millionaires and billionaires pay their fair share.
This would generate at least $3 trillion for President Biden’s big agenda to #BuildBackBetter: expanding the caregiving economy from child care to nursing homes, rebuilding infrastructure, high quality k-12 education, and tuition-free public college and technical schools.
A #WealthTax is critical for raising revenue, and that revenue is critical for raising opportunity. We build a future for all of our kids by investing in opportunity. This is one way we can make this government work for everyone—not just the rich and powerful.
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