Pass a Federal Wealth Tax in the First 100 Days

Pass a federal wealth tax within the first 100 days of the new Congress. Voters just handed Democrats majorities in both chambers, and the mandate is clear: take on the billionaire class that spent over $2 billion trying to buy this election. The proposals are already on the table. Sen. Chris Van Hollen's graduated surtax would tax households earning $1 million to $2 million at 5% and those earning over $5 million at 12%. The Make Billionaires Pay Their Fair Share Act, backed by Rep. Ro Khanna and Sen. Bernie Sanders, would add an annual 5% tax on net worth above $1 billion. These are not radical ideas. They are the logical response to a billionaire class that has rigged the tax code for decades while working families struggle with soaring costs. Data for Progress found that 41% of swing voters named the economy and cost of living as their top issue, and 61% said the GOP's tax cuts for the wealthy did not help working families. Democrats won by promising to fight for working people. A federal wealth tax is the first test of whether that promise means anything. If Trump vetoes it, as Van Hollen noted, that just proves whose side he is on.

First sent on November 6 by Progressive Action