John,
I introduced the Ultra-Millionaire Tax Act with Senator Elizabeth Warren because the top 0.05% of this country need to finally pay their fair share. Period.
Our legislation that we introduced on Monday will narrow the racial wealth gap, help level the playing field, and invest trillions of dollars into our communities for education, health care, housing, infrastructure, social services, and more.
This pandemic has crushed working people. One in seven families doesn’t have enough to eat. More than eight million people have been pushed into poverty. Nearly one million new people are filing for unemployment every single week — on top of the more than 75 million people who have already lost their jobs. Historic levels of job loss have also led to millions of people losing their health care — during a public health crisis! And this has all happened as our nation surpasses 519,000 deaths from COVID-19.
The worst income inequality in half a century keeps getting even worse. The richest 1% of Americans own 35% of the nation’s wealth. The bottom 50% of folks have just 1.5% of the wealth. This extreme concentration of wealth is not seen in any other leading economy.
And we all know that not nearly enough is being done to close the racial wealth gap in this country. For decades, discrimination and institutional racism in banking, education, housing, and so many other parts of society has prevented Black and brown folks from building wealth. White families have an average wealth that is more than 14 times as much as Black families and 8 times as much as Latinx families.
While this new tax would only impact the top 0.05% of households (if your net worth is below $50 million, you won’t pay a cent!), it would bring in three trillion dollars over 10 years. Just imagine what we could do with three trillion dollars. That’s COVID relief, health care, infrastructure, education, transitioning to renewable energy, affordable housing, and so much more.
As Chair of the Congressional Progressive Caucus and the representative for my constituents in Washington’s 7th Congressional District, I am proud to put forth such an important piece of legislation. Each day that I’m in Congress, I’m working to make this country a more just, equitable, and prosperous place to live for every single person. I'm so grateful that you're with me in this fight.
In solidarity,
Pramila
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