|
John,
Right-wing members of Congress claim that we can’t afford to make critical investments in human needs―from health care to education to housing and more. But, at a time when the richest 0.1% have more than five times the combined wealth of 50% of Americans,[1] the solution is clear: Tax the rich.
Unfortunately, we have a tax code that taxes wages, not wealth. So, our champions in Congress have introduced the OLIGARCH Act, which taxes extreme wealth that’s 1,000 times or more than the average U.S. household. During times of destabilizing inequality, millionaires and billionaires would pay more in taxes, but as the wealth gap lessens, they’d pay less.
Economic inequality and a lack of investment in human needs is a policy choice, put in place by millionaires, billionaires, and corporations, and the politicians they buy.
Click here to send a message to your representative and urge them to co-sponsor and pass the OLIGARCH Act to tax extreme wealth and invest in our future.
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:
-
2% tax for all wealth between 1,000 and 10,000 times median household wealth (currently $121 million to $1.21 billion);
-
4% tax for all wealth between 10,000 and 100,000 times median household wealth;
-
6% tax for all wealth between 100,000 and 1,000,000 times median household wealth;
-
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.
Take action today and urge your representative to co-sponsor and pass the OLIGARCH Act to place a wealth tax on the richest 0.1%, address runaway wealth inequality, and invest in our future.
Together, we’re demanding the richest households start paying their fair share in taxes. Because when they do, we can invest in a future that includes all of us, not just the wealthy few.
Meredith Dodson
Senior Director of Public Policy, Coalition on Human Needs
[1] Top 1% Of U.S. Households Hold 15 Times More Wealth Than Bottom 50% Combined
|
