TAXES »» TAX RATES »» WEALTH TAX »» Jan 01, 2024

Our top 1% owned nearly one-quarter of all U.S. household wealth 30 years ago. It now owns nearly one-third. Meanwhile, the bottom 50% of people have gone from 3.7% of the wealth in 1989 to 1.9% today. Many people believe our wealthy do not pay their fair share of taxes. A wealth tax would remedy this situation by taxing an individual's net wealth - or the market value of their total owned assets minus liabilities. A wealth tax is in addition to a tax on income, and is similar to a property tax people pay on their homes, but applied to all their wealth above a certain level. It would be a new federal tax, as property taxes are imposed at the local level, and estate taxes, while on wealth, are only imposed at death. A wealth tax would be levied on taxpayers whose net assets exceeded $50 million. Supported by two-thirds of all Americans, it would affect 70,000 taxpayers and would raise $2.7 trillion in revenue over 10 years. Supporters say middle-class America would receive considerable benefits from a wealth tax such as universal child care, free college tuitions, Medicare for all, and meaningful actions mitigating climate change. Proposed legislation: Reintroduction of S.510 - Ultra-Millionaire Tax Act of 2021 Prospective Sponsor: Sen. Elizabeth Warren (MA) I oppose reforming current wealth tax policy and wish to donate resources to the campaign committee of Leader Charles Schumer (NY). I support imposing a tax on the net value of all taxable assets of the taxpayer on the last day of any calendar year (wealth tax) and: 1.) Requiring the amount of such tax to be equal to the sum of 2% of the amount of taxpayer assets exceeding $50 million but not in excess of $1 billion, plus the applicable percentage (3% or 6% if certain legislation is in effect) of the net value of such taxable assets exceeding $1 billion. There is no tax on the net value of taxable assets if less than $50 million. 2.) Defining net value of all taxable assets as the value of all property of the taxpayer, real or personal, tangible or intangible, wherever situated reduced by any debts (including secured debts) owed by the taxpayer. 3.) Requiring the IRS to audit annually not less than 30% of taxpayers required to pay the tax imposed by this bill. And wish to donate resources to the campaign committee of Sen. Elizabeth Warren (MA) and/or to an advocate group currently working with this issue. If elected as a trustee, the campaign committee of Sen. Elizabeth Warren (MA)will be unconditionally awarded the funds pledged to this issue along with a letter requesting her to favorably consider either reintroducing S.510 - Ultra-Millionaire Tax Act of 2021), or a similar version thereof. If elected as a trustee, Americans for Tax Fairness will be awarded the funds pledged to this issue along with a letter requesting these funds be used to work and advocate for a wealth tax imposed on taxpayers exceeding $50 million in assets.

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I support imposing a tax on the net value of all taxable assets of the taxpayer on the last day of any calendar year (wealth tax) and: 1.) Requiring the amount of such tax to be equal to the sum of 2% of the amount of taxpayer assets exceeding $50 million but not in excess of $1 billion, plus the applicable percentage (3% or 6% if certain legislation is in effect) of the net value of such taxable assets exceeding $1 billion. There is no tax on the net value of taxable assets if less than $50 million. 2.) Defining net value of all taxable assets as the value of all property of the taxpayer, real or personal, tangible or intangible, wherever situated reduced by any debts (including secured debts) owed by the taxpayer. 3.) Requiring the IRS to audit annually not less than 30% of taxpayers required to pay the tax imposed by this bill. And wish to donate resources to the campaign committee of Sen. Elizabeth Warren (MA) and/or to an advocate group currently working with this issue. If elected as a trustee, the campaign committee of Sen. Elizabeth Warren (MA)will be unconditionally awarded the funds pledged to this issue along with a letter requesting her to favorably consider either reintroducing S.510 - Ultra-Millionaire Tax Act of 2021), or a similar version thereof. If elected as a trustee, Americans for Tax Fairness will be awarded the funds pledged to this issue along with a letter requesting these funds be used to work and advocate for a wealth tax imposed on taxpayers exceeding $50 million in assets.

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