It's time for a wealth tax in America. And I've got a plan for that. But we can only get it passed if a grassroots movement demands it, with all of us raising our voices from across the country.
Inequalities in our economy have existed for a long time — and the COVID crisis has just made them worse.
The rich and powerful have written the rules of our economy and our government to benefit themselves. Here's one benefit for the ultra-rich: After making a killing from the economy they've rigged, they don't pay taxes on that accumulated wealth.
Consider two people: An heir with $500 million worth of yachts and jewelry and fine art and a public school teacher with no savings in the bank. They both bring home $50,000. And they both pay the same amount in federal taxes despite their vastly different circumstances.
That's a system that's rigged for the top.
It's time for a wealth tax in America. And I've got a plan for that. It was a major piece of our campaign for president. Now, I'm getting ready to introduce it in the Senate. But we can only get it passed if a grassroots movement demands it, with all of us raising our voices from across the country.
Because here's the thing — someone built a great fortune in America? Good for them. All we're saying is, when they make it to the top, to the top of the top, top of the top of the top, pitch in two cents so everyone else gets a chance to make it in America.
Here's how it works: Anyone who has over $50 million in accumulated assets — their first $50 million is free and clear. Their fifty-millionth-and-first dollar, they've got to pitch in two cents. And two cents for every dollar after that. And a few more cents for every dollar of wealth over $1 billion.
That will generate $3 trillion over the next ten years.
With $3 trillion, we can help working families recover and improve their lives. We can make sure women aren't knocked out by lack of child care. And we can bring structural change to our health, education, and economic systems.
And we need a wealth tax to get it done.
I'm counting on this team to speak out and support a wealth tax, because Washington needs to see and hear that there is a grassroots movement fighting for this plan.
