John,

The U.S. tax code is fundamentally flawed. It is rigged in favor of the rich and powerful, allowing them to get by, year after year, without paying their fair share in taxes.

One commonsense reform to the tax code would be to enact a wealth tax, which would annually tax the net worth of the super-rich. It would be similar to the taxes on real estate and (in some places) personal property like luxury automobiles.

Once the super-rich start paying their fair share in taxes, we could dedicate more funds to critical services for struggling families and vulnerable people, including making sure people have food, housing and health care.

Join CHN and our national coalition to demand Congress enact a wealth tax and fully fund the IRS so wealthy tax cheats like Donald Trump can’t dodge taxes. Sign if you agree!

The need for a wealth tax is not hypothetical. Just look at the president's own record on paying federal income taxes. The explosive revelations from the New York Times that Donald Trump paid no federal income taxes in 11 out of 18 years and paid just $750 in 2016 and 2017 points to some big problems. Not only does it show that Trump routinely skirted tax law through improper deductions and other accounting maneuvers, but it makes clear that we need to have a wealth tax in this country.

A wealth tax would curb the phenomenal growth in wealth that the country’s nearly 650 billionaires have reaped since the beginning of the pandemic, which has taken the lives of over 210,000 Americans and infected 7.5 million.

These billionaires have seen their wealth increase by $845 billion—or 29%—between mid-March and mid-September. Meanwhile, 50 million people lost their jobs, 30 million went hungry and 12 million lost their employer-provided health insurance. America’s nearly 650 billionaires now have more than twice as much wealth as the bottom half of the population—165 million people. Those are stunning facts.

Here's how a wealth tax would work:

A wealth tax would annually tax the net worth of billionaires and many multi-millionaires. Different versions of a wealth tax have been proposed by Senators Elizabeth Warren and Bernie Sanders. One version would assess a 3% tax on wealth between $50 million and $1 billion, and a 6% tax on wealth above $1 billion. It would raise more than $2 trillion, and only the wealthiest 0.1%—or 75,000 households—would be subject to the tax.

Join CHN and our national coalition to demand millionaires and billionaires finally pay their fair share in taxes. Once we have a fair tax system, we can ensure the priorities of the vulnerable are met. Add your name!

Thank you for all you do to demand accountability from our political leaders and to fight for the needs of the vulnerable, the sick and the poor.

Deborah Weinstein
Executive Director, Coalition on Human Needs