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John,
Our residents are struggling.
The richest 0.1% now have more than five times the combined wealth of 50% of Americans. This extreme concentration of wealth not only threatens our ability to build a thriving middle class, but it also threatens our democracy.
During the 2022 midterm election, billionaires spent more than $1 billion in an attempt to elect right-wing candidates who seek to take away our rights while further padding the pockets of the ultra-wealthy.1 And now, thanks to recent bombshell reports, we’ve learned that billionaires are also buying Supreme Court justices through lavish vacations, gifts, and even paying for their family’s private school education.2
In order to close the wealth gap and rein in power and influence by the ultra-wealthy, we need a wealth tax. That’s why, along with Reps. Barbara Lee, Summer Lee, and Jamaal Bowman, I’ve introduced the OLIGARCH Act, which taxes extreme wealth that’s 1,000 or more than the average U.S. household. As inequality grows, millionaires and billionaires would pay more in taxes, but as it lessens, they’d pay less, bringing us closer to equality.
Click here to add your name as a grassroots co-sponsor of the OLIGARCH Act to place a wealth tax on the richest 0.1% and address runaway wealth inequality.
There are four tax tiers in the OLIGARCH Act with the lowest applying to households with between $121 million and $1.21 billion in wealth. Here’s how it would work:
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2% tax for all wealth between 1,000 and 10,000 times median household wealth (currently $121 million to $1.21 billion);
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4% tax for all wealth between 10,000 and 100,000 times median household wealth;
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6% tax for all wealth between 100,000 and 1,000,000 times median household wealth;
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8% tax for all wealth over 1,000,000 times median household wealth (currently $121 billion)
The OLIGARCH Act also ensures that the richest 0.1% are audited by the IRS at at least a 30% rate and it establishes penalties on tax cheats who underreport their assets.
Add your name as a grassroots co-sponsor of the OLIGARCH Act today!
Economic inequality is a policy choice, put in place by millionaires and billionaires, and the politicians they buy. Together, we’re fighting back, demanding an economy that works for everyone, not just the wealthy few.
Always serving you,
Rashida
1 Report: Billionaire Spending Topped $1 Billion for the First Time in 2022 Elections
2 Clarence Thomas Had a Child in Private School. Harlan Crow Paid the Tuition.
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