This week, Jeff Bezos -- the wealthiest person in the world -- launched
Meanwhile, in America today, over half of the country lives paycheck to
paycheck. Nearly 43 million people are saddled with student loan debt,
preventing many from buying a home or starting a family. And for those who
do start a family, the astronomical costs of child care are squeezing
budgets even harder, forcing millions of young parents -- especially women
-- out of the workforce.
John, our economy has worked better and better for the rich and
powerful, and worse and worse for everyone else. How did we get here? We
got here in part because billionaires like Jeff Bezos and giant
corporations like Amazon have spent years avoiding paying their fair share
in taxes. They’ve lobbied for loopholes, cooked up schemes with the best
accountants money can buy, and hollowed out our government’s ability to
invest in our people, from roads and bridges to child care and higher
Our tax system is rigged for those at the top. That’s why I’m fighting
every day in the Senate to pass a wealth tax and level the playing field
for working families. The PCCC has been right alongside me organizing
grassroots supporters for a wealth tax since the beginning. We've got to
[ [link removed] ]Add your name if you’re with me: It's time for a wealth tax to make
ultra-millionaires and billionaires like Jeff Bezos pay their fair share.
Look, I get it. Jeff Bezos can do what he wants with his money. But to use
his enormous wealth to go to space after years of systematically paying
less than his fair share of taxes is a punch in the gut to the tens of
millions of Americans who struggle to make ends meet.
Just look at the numbers: Between 2014-2018, Jeff Bezos’ wealth grew by
$99 billion. He paid only 0.98% of that in taxes. The rest of America?
Last year, the 99% paid an average of 7.2% of their total wealth in taxes.
The worst part? Under our broken tax system, it’s completely legal. That’s
because billionaires like Elon Musk, Jeff Bezos, and Mike Bloomberg don’t
make their fortunes through income like working families do. Their wealth
comes from assets -- like stock portfolios, art collections, and
super-yachts. In fact, Jeff Bezos reportedly paid $0 in federal income
taxes in 2007 and 2011 -- despite already being a multi-billionaire.
My wealth tax bill would place a two-cent per dollar tax on people with a
net worth above $50 million -- a few cents more for the billionaires. That
means Jeff Bezos would pay $5.4 billion of his estimated net worth of $181
billion -- and he’d still have more than enough money for his space
missions and super-yachts.
This small tax on America’s richest 100,000 families would generate huge
amounts of revenue totaling at least $3 trillion, providing money for
President Biden's big agenda to build back better and more. Policies like
expanding the caregiving economy -- everything from child care to nursing
homes -- rebuilding infrastructure, high quality k-12 education, and
tuition-free public college and technical schools.
A wealth tax is critical for raising revenue, and that revenue is critical
for raising opportunity. We build a future for all of our kids by
investing in opportunity. This is one way we can make this government work
for everyone -- not just the rich and powerful.
[ [link removed] ]Add your name to support our plan for a wealth tax, and help build the
grassroots support that we'll need from across the country to pass it in
Thanks for being a part of this,
-- Elizabeth Warren
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