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Elon Musk speaks during Atreju 2023 event organized by Fratelli d'Italia.
"With a 2-cent Ultra-Millionaire Tax on every dollar of wealth above $50 million—and another penny on every dollar above $1 billion—we can invest in opportunity for all of our kids," notes Sen. Elizabeth Warren.
Data released by the Federal Reserve on Thursday shows the top 1% of Americans are the richest they've ever been.
The new data reveals that at the end of the fourth quarter last year they had a record $44.6 trillion in wealth. That's up from $30 trillion in 2020.
The main driver of wealth gains last year was from the stock market hitting record highs. While wages are increasing for average Americans, the top 1% is gaining wealth at a much faster pace.
When we talk about global oligarchy this is what we are talking about: Today, the top 1% throughout the world own more wealth than the bottom 95% of humanity combined. Children go hungry. Billionaires buy yachts and take joyrides on rocket ships. Change must come.
— Bernie Sanders (@SenSanders) March 28, 2024
The wealth of U.S. billionaires is currently at $5.5 trillion, which is up 88% since the start of the Covid-19 pandemic. The nation's rich accruing so much wealth in recent years has renewed calls for a wealth tax.
Sen. Elizabeth Warren (D-Mass), Rep. Pramila Jayapal (D-Wash.), and others are pushing to pass the Ultra-Millionaire Tax Act, which would put a 2-cent tax on every dollar of wealth over $50 million. Warren referred to U.S. President Joe Biden calling for higher taxes on billionaires during his State of the Union when the bill was reintroduced earlier this month.
With a two-cent Ultra-Millionaire Tax on every dollar of wealth above $50 million—and another penny on every dollar above $1 billion—we can invest in opportunity for all of our kids.https://t.co/f0dZDOYYCr
— Elizabeth Warren (@ewarren) March 28, 2024
"As President Biden says: No one thinks it's fair that Jeff Bezos gets enough tax loopholes that he pays at a lower rate than a public school teacher," said Warren. "All my bill is asking is that when you make it big, bigger than $50 million dollars, then on that next dollar, you pitch in 2 cents, so everyone else can have a chance."
As progressives fight to pass a wealth tax at the federal level, legislators in many states are pursuing their own wealth taxes.
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
Data released by the Federal Reserve on Thursday shows the top 1% of Americans are the richest they've ever been.
The new data reveals that at the end of the fourth quarter last year they had a record $44.6 trillion in wealth. That's up from $30 trillion in 2020.
The main driver of wealth gains last year was from the stock market hitting record highs. While wages are increasing for average Americans, the top 1% is gaining wealth at a much faster pace.
When we talk about global oligarchy this is what we are talking about: Today, the top 1% throughout the world own more wealth than the bottom 95% of humanity combined. Children go hungry. Billionaires buy yachts and take joyrides on rocket ships. Change must come.
— Bernie Sanders (@SenSanders) March 28, 2024
The wealth of U.S. billionaires is currently at $5.5 trillion, which is up 88% since the start of the Covid-19 pandemic. The nation's rich accruing so much wealth in recent years has renewed calls for a wealth tax.
Sen. Elizabeth Warren (D-Mass), Rep. Pramila Jayapal (D-Wash.), and others are pushing to pass the Ultra-Millionaire Tax Act, which would put a 2-cent tax on every dollar of wealth over $50 million. Warren referred to U.S. President Joe Biden calling for higher taxes on billionaires during his State of the Union when the bill was reintroduced earlier this month.
With a two-cent Ultra-Millionaire Tax on every dollar of wealth above $50 million—and another penny on every dollar above $1 billion—we can invest in opportunity for all of our kids.https://t.co/f0dZDOYYCr
— Elizabeth Warren (@ewarren) March 28, 2024
"As President Biden says: No one thinks it's fair that Jeff Bezos gets enough tax loopholes that he pays at a lower rate than a public school teacher," said Warren. "All my bill is asking is that when you make it big, bigger than $50 million dollars, then on that next dollar, you pitch in 2 cents, so everyone else can have a chance."
As progressives fight to pass a wealth tax at the federal level, legislators in many states are pursuing their own wealth taxes.
Data released by the Federal Reserve on Thursday shows the top 1% of Americans are the richest they've ever been.
The new data reveals that at the end of the fourth quarter last year they had a record $44.6 trillion in wealth. That's up from $30 trillion in 2020.
The main driver of wealth gains last year was from the stock market hitting record highs. While wages are increasing for average Americans, the top 1% is gaining wealth at a much faster pace.
When we talk about global oligarchy this is what we are talking about: Today, the top 1% throughout the world own more wealth than the bottom 95% of humanity combined. Children go hungry. Billionaires buy yachts and take joyrides on rocket ships. Change must come.
— Bernie Sanders (@SenSanders) March 28, 2024
The wealth of U.S. billionaires is currently at $5.5 trillion, which is up 88% since the start of the Covid-19 pandemic. The nation's rich accruing so much wealth in recent years has renewed calls for a wealth tax.
Sen. Elizabeth Warren (D-Mass), Rep. Pramila Jayapal (D-Wash.), and others are pushing to pass the Ultra-Millionaire Tax Act, which would put a 2-cent tax on every dollar of wealth over $50 million. Warren referred to U.S. President Joe Biden calling for higher taxes on billionaires during his State of the Union when the bill was reintroduced earlier this month.
With a two-cent Ultra-Millionaire Tax on every dollar of wealth above $50 million—and another penny on every dollar above $1 billion—we can invest in opportunity for all of our kids.https://t.co/f0dZDOYYCr
— Elizabeth Warren (@ewarren) March 28, 2024
"As President Biden says: No one thinks it's fair that Jeff Bezos gets enough tax loopholes that he pays at a lower rate than a public school teacher," said Warren. "All my bill is asking is that when you make it big, bigger than $50 million dollars, then on that next dollar, you pitch in 2 cents, so everyone else can have a chance."
As progressives fight to pass a wealth tax at the federal level, legislators in many states are pursuing their own wealth taxes.