People For Member,
Over the past year, the pandemic has exposed the harsh realities of the nation’s growing wealth gap. Since last March, the ultra-wealthy experienced a 44% increase in their wealth while millions have been laid off with many still struggling to find work.1
It’s time for Congress to address these extreme disparities, and they can begin doing so with a new wealth tax unveiled by Senator Warren and Reps. Pramila Jayapal and Brendan Boyle.
Raising the tax rate by just 2-3 cents per dollar for those with fortunes greater than $50 million would generate THREE TRILLION DOLLARS over 10 years. And the money raised from that increase could fund a range of progressive priorities, including:
- Fully funding President Biden’s public option health care plan, lowering the Medicare eligibility age to 60, improving the affordability for elder and long-term care, expanding rural-health and mental health services, AND fighting the opioid epidemic!
- OR, we could put $2 trillion toward repairing our crumbling infrastructure while investing the extra $1 trillion in a green energy economy!
- OR, we could strengthen public education, make childcare affordable for working families, provide universal preschool and free public community college, while also wiping out a LOT of student debt!
It’s clear that by raising the wealth tax on the ultra-wealthy by extremely minimal amounts, we can provide assistance and resources to those who are in most need as our nation slowly begins to recover from the pandemic.
Together, we have an incredible opportunity to pass meaningful tax reform in 2021 and to create a tax system and economy that work for everyone – not just the wealthy few.
Thanks for all you do,
Zach, People For the American Way
[1] "Through 11 Months of National Pandemic Misery, U.S. Billionaires Have Grown $1.3 Trillion Richer" Americans for Tax Fairness, 2/24/21
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