'Tax Day is a reminder that the tax system isn't working for ordinary Americans.'
, which would impose a 2% annual tax on the net worth of households and trusts exceeding $50 million, plus a 1% annual surtax on billionaires.by University of California, Berkeley economists Emmanuel Saez and Gabriel Zucman, the tax would bring in at least $3 trillion in revenue over 10 years without raising taxes on 99.95% of American households worth less than $50 million.
An annual net wealth tax could raise over half a trillion dollars each year, by taxing more than only billionaires and using marginally higher rates: 2% for wealth above $5 million, 3% above $50 million, and 5% above $1 billion; and “Tax Day is a reminder that the tax system isn’t working for ordinary Americans. It’s built to favor the richest in our society,” said Nabil Ahmed, Oxfam America’s director of economic justice. “The ultrawealthy are sitting on mountains of wealth that remain largely untouched by taxes, and their wild riches are in no small part a result of intentional public policy.”
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