Support a federal wealth tax that reaches billionaire assets, not just income. The current tax code captures wages and salaries but lets explosive asset appreciation go almost entirely untouched. America's billionaires saw their collective wealth grow by trillions during the pandemic years, and most of that growth was never taxed at all.
A modest annual tax on net worth above $1 billion would generate hundreds of billions in revenue without touching the savings or investments of ordinary households. Countries that have tried wealth taxes show it is administratively workable, and the ultra-wealthy have more than enough resources to comply. Peter Thiel, Elon Musk, and Sergey Brin spent over $100 million in California alone just to block a one-time state-level billionaire tax. That tells you everything about how much they have to lose.
The federal tax code should reflect economic reality. When a billionaire's fortune grows 20% in a year, that is income by any honest definition. Pass legislation that taxes wealth, not just paychecks, and close the loophole that lets the richest Americans compound their fortunes while everyone else pays their share.
First sent on October 20 by Progressive Action
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