Warren Democrats

Our country’s tax code is rigged to benefit those at the top. You know it and I know it.

Just take a look at the numbers: Last year, the 99% in America paid 7.2% of their total wealth in taxes. But the top one-tenth of one percent — the top millionaires and billionaires — paid 3.2%. Less than half as much.

And giant corporations like Amazon and Nike can make billions of dollars in profits without paying anything in federal corporate income taxes.

We need big, structural changes to our tax code. And I’ve got a three-step plan to make it happen:

A two-cent wealth tax on fortunes over $50 million — and a little bit more for billionaires
A Real Corporate Profits Tax on multi-million companies that pay $0 in taxes
A well-funded IRS to strengthen enforcement and go after wealthy tax cheats

Read on for more details — and then add your name if you’re with me: It’s time to make the wealthy and well-connected pay their fair share in taxes.

Let’s start with a wealth tax.

Here's how it works: For 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. We can build an economy that works for everyone.

But we won’t stop there. We’ll ensure that none of the biggest and most profitable corporations can ever make billions and pay zero taxes again by passing my Real Corporate Profits Tax Act.

The tax only applies to companies that report more than $100 million in profits — for every dollar of profit above $100 million, the corporation will pay a 7% tax.

That means Amazon would pay $698 million in taxes instead of paying zero. And Occidental Petroleum would pay $280 million in taxes instead of paying zero.

Finally, we’ll strengthen the IRS so that the wealthiest individuals and biggest corporations will have to follow the law — just like everyone else.

We’ll do that by funding the IRS to build out an expert group that has the skill set to go after really sophisticated tax dodgers.

By fixing those three areas — with a wealth tax on fortunes greater than $50 million, a Real Corporate Profits Tax, and a boosted enforcement budget for the IRS — we can bring in $6 trillion of revenue from the rich and powerful. And we can use that revenue to build a future for every family. We can make our country work for everyone, not just a thin slice at the top.

I’m fighting every day to level the playing field in our tax code — but I can’t do it alone.

Add your name if you’re with me: It’s time to make the wealthy and giant corporations finally pay their fair share in taxes.

Thanks for being a part of this,

Elizabeth

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