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Thursday, March 4th, 2021

To Help Fund Covid Recovery and Redress Inequality, Warren Unveils Wealth Tax on ‘Ultra-Millionaires’ and Billionaires

Author:     Kenny Stancil
Source:     Common Dreams
Publication Date:     MON, MAR 1 2021
 Link: To Help Fund Covid Recovery and Redress Inequality, Warren Unveils Wealth Tax on ‘Ultra-Millionaires’ and Billionaires
Stephan:   America's tax structure ought to be a national embarrassment; that it isn't tells you a lot about how America is governed. The U.S. tax structure is completely skewed in favor of the rich and to the benefit of corporations, many of which pay little or no taxes at all. What few seem to realize is that the growth of the American middle class, and the successful economics we think of as American, occurred in the post World War II era when the tax on the rich was as high as 50%. So as history has proven Republican trickle-down economics are crap. Now Bernie Sanders, Elizabeth Warren, and some of the other brighter Democrats are proposing a modest tax increase on the uber-rich. Here is a report on what they have in mind. May it be so.
Democratic Senator Elizabeth Warren

KEY POINTS

  • Sen. Elizabeth Warren, Sen. Bernie Sanders and other Democrats on Monday proposed a 2% annual tax on wealth over $50 million, rising to 3% for wealth over $1 billion.
  • The Ultra-Millionaire Tax Act would aim to close the U.S. wealth gap, which has grown wider during the Covid pandemic.

Citing the explosive growth of inequality during the coronavirus crisis—which has followed more than four decades of upward redistribution and concentration of wealth at the top—Sen. Elizabeth Warren on Monday introduced a bill to tax a small portion of the wealth of the richest 100,000 households in the United States to help fund President Joe Biden’s Build Back Better agenda.

“A tax on wealth above $50 million is very popular, and is even more popular when it funds priorities like child care, healthcare, and jobs in our communities.”
—Stephanie Taylor, PCCC

“As Congress develops additional plans to help our economy,” Warren (D-Mass.) said in a statement, “the wealth tax should be at the top of the list to help pay for these plans because of the huge amounts of revenue it […]

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2 Comments

  2. Rev. Dean on Thursday, March 4, 2021 at 4:39 pm

    I totally agree with the wealth-tax initiative. It would eliminate a lot of the inequality which has crept into our system because of the Republicans.