Will you sign the petition to tax the billionaires?
Some of America's billionaires are not happy about the prospect of having to pay a little bit more in taxes. One of them, Leon Cooperman, is raging against Senator Elizabeth Warren's wealth tax plan.
Warren invited him to testify in front of the Senate. He refused, going on CNBC to argue for abolishing the Department of Education instead of taxing billionaires. He even said "segregation is over, okay?" even though many American schools remain segregated.1
The American people strongly support taxing the rich.2 President Biden spoke in favor of it during his speech last week. But some Democrats like Senator Joe Manchin are hesitant, and may listen to corporate lobbyists instead and oppose wealth taxes.3 Now is the time to show Congress you want them to tax the rich!
Sign the petition: Tell Congress it's time that the wealthiest Americans pay more taxes!
Billionaires like Jeff Bezos, Bill Gates, and Mark Zuckerberg have made more than $900 billion during the pandemic.4 Warren's plan would create a two percent tax on assets over $50 million dollars, which would generate $2.75 trillion over ten years.5 Now it's time to show Congress this has public support.
Economists have warned of a K-shaped recovery from the covid crisis -- meaning that the rich will get richer, and the poor will get poorer.6
That's why we're asking Congress to tax the wealthiest Americans -- those with a net worth of over $50 million. Taxing the 75,000 families with over $50 million could help fund universal childcare, Medicare for All, free college, and more.
Warren's tax would mean that a family with a net worth of $60 million would pay a two percent tax on their assets over $50 million ($10 million). Billionaires would be taxed three percent on assets over one billion dollars.
Warren's proposal is our best bet at passing a wealth tax, and getting ultra-rich millionaires to pay up.
Can you tell Congress to pass a wealth tax?
1. Business Insider, "Billionaire Leon Cooperman slams Elizabeth Warren's wealth tax again, suggests eliminating the Education Department instead," April 30, 2021.
2. Data for Progress, "A wealth tax on ultra-millionaires is a winning strategy for Democrats," March 1, 2021.
3. Financial Times, "Democrats are among the doubters of Biden’s plan to tax the rich," April 27, 2021.
4. USA Today, "Jeff Bezos, Elon Musk among US billionaires that got richer during coronavirus pandemic," December 1, 2020.
5. New York Times, "Warren Revives Wealth Tax, Citing Pandemic Inequalities," March 1, 2021.
6. Washington Post, "How a K-shaped Recovery is Widening US Inequality," December 16, 2020.