For the last 40 years, the richest Americans have abdicated their social responsibility and at the same time have accumulated ungodly sums of wealth. Meanwhile, inequality has widened considerably—as the rest of us struggle to make it in this brutal economy.
That’s why we are glad to see several proposals that tax the rich which deserve some serious consideration & support.
Rep. Alexandria Ocasio-Cortez has proposed a 70% tax on incomes above $10 million. Given that the average NFL player makes about $2 million per year, this would only affect the richest of the rich. It was also our prevailing tax rate for wealthy Americans until the Reagan years.
Senator Elizabeth Warren has proposed a “wealth tax” of 2% for those whose net worth exceeds $50 million, and 3% if it exceeds $1 billion. And Senator Bernie Sanders has proposed increasing the estate tax for estates above $1 billion, so that the children of billionaires do not unfairly reap the windfalls that the rest of us don’t get.
These proposals are long overdue, and it’s time to have a serious discussion on what the tax rates need to be. The wealthy have had an unfair advantage for way too long.
Sign the petition: We can, and must, tax the rich way more.
This is not a candidate endorsement by Daily Kos.
Our Message to Congress :
Historic inequality endangers our democracy. That’s why the rich need to pay more in taxes, whether that means a wealth tax on the extremely rich, raising the upper-income tax brackets, increasing the estate tax on billionaires—or some combination of all three