John,
Wealth inequality is one of the defining issues of our time, with the gap between the 99% and the 1% growing so much over the past few years that inequality is now worse in 2023 than it was during the Gilded Age — an era literally named for the disparity between mass poverty and the excesses of concentrated wealth.
The top 0.1% hold more than 20% of the wealth in this country. That outsize concentration among a few billionaires has meant they also have outsize impact on our politics—buying elections and the politicians who are willing to do their corporate bidding. It’s time that we the people take action.
That’s why Summer joined with other progressives like Jamaal Bowman, Rashida Tlaib, and Barbara Lee to introduce the OLIGARCH Act, which would levy a wealth tax on the wealthiest of individuals so they pay their fair share.
This tax would fall exclusively on the exorbitantly wealthy — in fact, the highest bracket of it would only apply to about two taxpayers.
But the impacts would be huge — on our social safety net, our government finances, and the fundamental fairness of our politics. It’s no coincidence that we’ve seen blatant corruption in places like the Supreme Court while this inequality has skyrocketed, and this is a step toward making the system work for everybody again.
Thanks for all you do,
Team Summer Lee
