WEALTH TAX ON THE ULTRA-RICH

The tax code is so complicated that the ultra-wealthy, about 40 people in America worth billions or trillions of dollars individually and collectively, pay NO TAXES.

This is absurd, and these people should be paying their fair share.

We believe a wealth tax is the answer. It’s an annual tax on the net wealth a person holds — so, their assets minus their debts. Not just the income they bring in each year.

A wealth tax solves the problem of the Jeff Bezoses of the world not paying their taxes – it would only apply to the ultra-wealthy (people with a net worth of over $200 million) and would be modest enough that they aren’t incentivized to find even more creative ways of hiding their wealth, something like 1% or 2%.

This way we can fund important social programs to solve poverty and homelessness issues without raising even more taxes on the middle and working class.

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LEGISLATIVE HISTORY

S.510 – Ultra-Millionaire Tax Act of 2021
117th Congress (2021-2022)
Sponsor: Sen. Warren, Elizabeth [D-MA] Introduced 03/01/2021

H.R.1459 – Ultra-Millionaire Tax Act of 2021
117th Congress (2021-2022)
Sponsor: Rep. Jayapal, Pramila [D-WA-7] (Introduced 03/01/2021)