| Friend, Of the 37 million people who shop at Walmart every day, the average shopper is a woman who makes an income between $40,000 and $80,000 per year, which means she relies on Walmart’s “guaranteed” low prices to make ends meet.(1) But last year, making those ends meet got much harder -- as Walmart raised its prices on its Great Value food brand dramatically. In some cases, costs of products nearly doubled. And this price hike wasn’t to cover improved wages for its employees or supply costs. The 93% increase in income paid for a $5.9 billion payout to its shareholders.(2) Corporate greed like this has created an ultra-wealthy class -- 741 billionaires hoarding $5.2 trillion.(3) And due to multiple loopholes and a tax code written in their favor, these ultra-wealthy people pay a much lower rate than average Americans do.
Since the $1.7 trillion Trump tax giveaway, the wealth gap between the richest Americans and the rest of us has grown to be the worst since the Gilded Age of the Rockefellers.(4) And today’s billionaires aren’t investing in universities and museums. Instead, they’re spending billions on elections to further rig our economy.(5) The tax rate of billionaires averages out to about 8% -- a far cry from the 30% the typical worker pays.(6) Furthermore, this wealth accrual is exacerbating racial inequality. As recently as 2022, 400 of the richest Americans -- almost exclusively white -- held more wealth than every single Black household combined.(7) The Ultra-Millionaire Tax Act of 2024 would go a long way to rectifying this grave inequality. The bill puts a 2% tax on the total wealth of households between $50 million and $1 billion, and 3% on those over $1 billion, rather than on income that can be artificially calculated. And, the bill allots $100 billion to the IRS to enforce this tax and require regular audits, compensating for the 92% drop in audits of the wealthy that have occurred since 2010. We can pay for Medicare for All, universal childcare, and more -- if the wealthy pay their taxes. Will you sign on to tell Congress to pass the Ultra-Millionaire Tax Act today? Let's get everyone to pay their fair share! –Irene, Annie, Angela, Isidra, Mario, Marvin, Alyssa, Jen, and Lindsay (the Courage team)
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