I have zero problem with billionaires not paying more tax than the law requires.
My problem is with the law not requiring them to pay more.
“God never intended for one group of people to live in superfluous inordinate wealth, while others live in abject deadening poverty.” – Martin Luther King, Jr.
While many of us gather today to study and celebrate Dr. King’s life and legacy of justice, our friends at Oxfam released an explosive new report — “Survival of the Richest” — that reveals the world’s wealthiest 1% accumulated $42 trillion of new wealth since 2020. That’s trillion with a T.
While most Americans are tightening their purse strings and feeling the daily pain of record high inflation, billionaires [are] watching their riches increase and paying almost no taxes. 63% of all wealth gains since 2020 have gone to the top 1%, with just 37% going to the other 99%. Meanwhile at least 1.7 billion workers now live in countries where inflation is outpacing wages, and over 820 million people — roughly one in ten people on Earth — are going hungry.
The World Bank says we are likely seeing the biggest increase in global inequality and poverty since World War II.
It doesn’t have to be this way.
Last year, President Biden introduced the Billionaire Minimum Income Tax, which will ensure that every household worth over $100 million is paying an effective tax rate of at least 20% on their total income each year.
The BMIT would make the ultra-wealthy pay taxes on the growth in their investments every year, just like the rest of us pay taxes on our wages. It enjoys broad support from the American public with approximately three-quarters of voters — including a majority of Independents and Republicans — supporting the bill.
Excessive billionaire wealth is destabilizing our economy, our politics, and our society.
Thank you for all you do to defend democracy and fight inequality,
Founder and President, Patriotic Millionaires
Fund IRS enforcement.
Impose an effective minimum tax on the uber-wealthy.
Have a great week.
Quote of the Day
I have found the best way to give advice to your children is to find out what they want and then advise them to do it.~Harry Truman
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