Elon Musk speaks during Atreju 2023 event organized by Fratelli d'Italia.
Wealth of the Top 1% in US Hits All-Time High of $45 Trillion
"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.
We are at a crossroads
This country and this world are at a monumental crossroads. In a few short weeks, US voters will have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
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.
- Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth Inequality ›
- Democracy Cannot Thrive Without Thriving Labor Unions ›
- GOP Education Censorship Laws Like Florida's Will Intensify Economic Inequality ›
- US Working Class Must Stand Up to This Nation's Oligarchs ›
- US Wealth Gap Report Fuels Call to 'Unrig Our Tax Code' | Common Dreams ›
- 'Unsettling New Milestone': Top 12 US Billionaires Now Control $2 Trillion in Wealth | Common Dreams ›
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.
- Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth Inequality ›
- Democracy Cannot Thrive Without Thriving Labor Unions ›
- GOP Education Censorship Laws Like Florida's Will Intensify Economic Inequality ›
- US Working Class Must Stand Up to This Nation's Oligarchs ›
- US Wealth Gap Report Fuels Call to 'Unrig Our Tax Code' | Common Dreams ›
- 'Unsettling New Milestone': Top 12 US Billionaires Now Control $2 Trillion in Wealth | Common Dreams ›