U.S : For an ULTRA-MILLIONAIRE TAX ACT.

 

 

 

Dear friend, we live in a country tilted toward the ultra-rich and the powerful.   America’s tax system is so ridden with loopholes and special breaks that families in the top 0.1% pay about 3.2% of their wealth in taxes while the bottom 99% pay a little over double of that in taxes.   The gap between the wealthiest and poorest Americans is wider than ever. And it gets even more stark when you factor in race : the 400 richest Americans own more wealth than all Black households plus a quarter of Latino households combined.   The coronavirus and the economic crisis that followed have only worsened this wealth gap. Billionaire wealth now stands at $4.2 trillion, which is 40 percent higher than before the COVID crisis began. Meanwhile, millions remain unemployed, and families struggle to keep a roof over their heads and food on the table.   We urgently need to address the growing power of billionaires, corporations, and their lobbyists as they rig the system and rules in their favor. It's time for a wealth tax to make ultra-millionaires and billionaires pay their fair share.   The Working Families Party has teamed up with Senator Elizabeth Warren, Rep. Pramila Jayapal, and Rep. Brendan Boyle in support of a wealth tax. Add your name as a co-sponsor of our Ultra-Millionaire Tax Act — and let's fight to get this done.         Sign as a co-sponsor Here’s the deal : Millions of Americans already pay a wealth tax in the form of a property tax. A wealth tax simply says that in addition to their real estate, the richest Americans should pay taxes on all their wealth — like their stock portfolios, their diamonds, their yachts, and their art collections.   Our plan is a two-cent-per-dollar tax on people with a net worth above $50 million — and a few cents more for the billionaires.   This small tax would generate huge amounts of revenue totaling at least $3 trillion. That’s a whole lot more for rebuilding our infrastructure, universal child care, high-quality K-12 education, tuition-free public college and technical schools and so much more.       If there was ever a time for the billionaires to pay their fair share, it’s now. Will you add your name as a citizen co-sponsor of our wealth tax plan? Every signature helps build the momentum we’ll need to make the Ultra-Millionaire Tax Act law.       Thanks for being a part of this,           Team WFP.

WORKING FAMILIES PARTY