Activist -

This pandemic has shone a spotlight on increasing levels of income and wealth inequality. Over the last twelve months, as tens of millions of people have lost their jobs, and as 25 million people have contracted COVID-19 ― with more than 500,000 dying from the virus ― America’s billionaires have never had it so good.

According to research from Americans for Tax Fairness, America’s 660 billionaires have seen a 44% increase in their wealth since last March ― totaling $1.3 trillion.

Now, Senator Elizabeth Warren and Representatives Pramila Jayapal and Brendan Boyle have introduced the Ultra-Millionaire Tax Act, a wealth tax which would raise $3 trillion over 10 years ― and would only apply to fortunes of $50 million or more.

Here’s how it would work:

• The wealth tax would only be paid by about 100,000 taxpayers ― the richest 0.05%
• The tax rate would be just 2 cents on the dollar (2%) for people with wealth between $50 million and $1 billion
• The tax rate would be just 3 cents on the dollar (3%) for wealth above $1 billion

Currently, many ultra-millionaires and billionaires pay an overall tax rate that is about the same as many middle-class people. That’s because most of the wealth of the ultra-rich is generated by investments in stocks and other assets. When the very rich sell those investments for profit, they pay a tax rate that’s roughly half the rate that you and I pay on work income.

What can we do with $3 trillion over 10 years? We could fully fund President Biden’s healthcare public option, lower the Medicare eligibility age to 60, improve the affordability of elder care and long-term care, and expand rural-health and mental health services, and fight the opioid epidemic.

Or, we could put $2 trillion toward repairing our crumbling national infrastructure while putting the additional $1 trillion toward creating a green energy economy.

Or, we could strengthen public education, make childcare affordable for all working families, provide universal preschool and free public community college, while also wiping out a lot of student debt.

Together, we have an incredible opportunity to pass meaningful tax reform in 2021 and to create a tax system and economy that works for everyone, not just the wealthy few.

Become a grassroots co-signer of Elizabeth Warren’s, Pramila Jayapal’s and Brendan Boyle’s wealth tax today to generate $3 trillion over 10 years to invest in our country’s future.

Thanks for all you do,

Bob Fertik