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inequality
'Taxing Billionaires Is Not Radical': Mamdani Joins Top Economists to Denounce 'Rigged' US Tax System
While most Americans are paying more in taxes this year, the wealthiest 1% are saving an average of $9,000 thanks to Trump's tax legislation.
Apr 15, 2026
New York City Mayor Zohran Mamdani is using Tax Day to remind Americans that the nation's tax code is "rigged" to protect the superrich while making the case for a more equitable system.
In a Guardian op-ed co-written with Nobel laureate in economics Joseph Stiglitz and Paris School of Economics professor Gabriel Zucman, New York's democratic socialist mayor lamented that the world is living with greater wealth inequality than ever before, with just 0.0001% of the global population holding the equivalent of 16% of global wealth—more than the bottom half of humanity.
Mamdani and the economists attributed the global surge in inequality in large part to America's "regressive" tax system, which has grown dramatically more favorable to the wealthy over the past half-century.
As wealth concentrates, so does power — the power to influence elections, shape policy, tilt markets and define the terms of public debate.Taxing billionaires is not radical.What is radical is allowing a system where extreme wealth exists alongside widespread hardship.
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— Mayor Zohran Kwame Mamdani (@mayor.nyc.gov) April 15, 2026 at 11:05 AM
Compared to 1960, when the 400 richest Americans paid roughly half their incomes in taxes, they now pay about 24%—helped by a combination of lower marginal tax rates and loopholes that allow billionaires and corporations to shield their wealth and effectively pay a smaller share of their incomes than everyone else.
This inequality was further exacerbated by the massive GOP tax law signed by President Donald Trump last year, which a report by Americans for Tax Fairness found gave the wealthiest 1% of households an average tax break of $9,000.
While the Trump administration promised earlier this year that the average American family would receive a $1,000 tax refund from the legislation, Corey Husak, director of tax policy at the Center for American Progress, found that the average refund was just $346 higher than the previous year—and that even that figure was heavily inflated by the benefits accrued by the richest earners.
Meanwhile, those gains were more than wiped out by the added cost of Trump's tariffs and the dramatic cuts to the social safety net passed by Republicans, which have led to spiking health insurance costs and thrown millions off Supplemental Nutrition Assistance Program (SNAP) benefits.
"We can disagree about how progressive tax systems should be—the extent to which the rich should pay more tax, relative to their income, than the rest of us," Mamdani, Stiglitz, and Zucman wrote. "But there is no justification for a regressive system in which the superrich contribute less than the rest of us. This is how inequality is deepened and sustained."
The authors praised efforts in other countries to combat rising inequality. One initiative they highlighted was a 2% tax on the wealth of those with more than €100 million ($117 million), a proposal championed by Zucman. A version of the measure was passed last year by France's National Assembly but stalled in the Senate after being blocked by centrist and right-wing parties.
But the initiative still has momentum around the world. This weekend, Spanish Prime Minister Pedro Sánchez and Brazilian President Luiz Inácio Lula da Silva will meet with the leaders of several other nations, including Mexico, Colombia, and South Africa, to discuss adopting similar taxes.
Meanwhile, in the US, a proposed ballot initiative for a one-time 5% billionaire tax in California—aimed at recouping losses from Trump's Medicaid cuts—appears overwhelmingly popular, with around two-thirds support according to a poll last month, despite aggressive lobbying by billionaires to stop the measure.
Mamdani has pushed for a similar measure in New York City to help balance the city budget and fund universal childcare and affordable housing.
On Wednesday, Democratic New York Gov. Kathy Hochul announced that she was backing a so-called "pied-à-terre tax," which applies a surcharge to anyone with a second home valued over $5 million in New York City. Mamdani's office has estimated that it will raise $500 million annually.
In early 2026, consumer prices and housing costs have soared far faster than wages can match. A January poll from KFF found that 82% of adults said their overall cost of living had increased over the past year, with around two-thirds saying they worried about affording healthcare for themselves and their families, and nearly a quarter saying they were worried about affording food and rent.
In response to this economic precarity, more than 62% of Americans said in a January YouGov survey that they felt billionaires are taxed too little, and more than half said that wealth inequality is a problem.
"The idea that billionaires should pay higher tax rates than working people is not radical," the authors of the Guardian op-ed said. "What is radical is allowing a system where extreme wealth exists alongside widespread hardship—and where those billionaires can in effect opt out of contributing to the society that made their success possible."
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These Proposals Would Make Life Better for Millions of People—And Most Americans Support Them
"That the US Congress is not debating or introducing bills to address the issues presented here represents a breakdown of democracy," said an economic justice think tank.
Apr 13, 2026
A new report by an economic think tank takes aim at the broadly accepted idea that Americans are divided on the major issues affecting millions of people every day—the question of how to ensure everyone can get the healthcare they need without going bankrupt, how the government can ensure working people make enough money to live, and whether the US should take more aggressive climate action.
As it turns out, the Center for Economic and Policy Research (CEPR) suggested Monday, there's far more agreement on those and more issues across the political spectrum than the corporate media and establishment politicians from both sides of the aisle would have the public believe.
Lawmakers who push for good, fair-paying jobs for all workers; raising the chronically stagnant federal minimum wage; guaranteeing healthcare for all Americans; clean energy investments; and ending the influence of corporations and billionaires on US elections would not be advocating for policies that are just popular on the left, the report says, but would actually be promoting a "Majority Agenda."
"It may feel like Americans agree on nothing right now, but recent polling tells a different story," said CEPR on social media. "From raising the minimum wage and strengthening Social Security to affordable housing and healthcare reform, these progressive policies are broadly popular despite the political establishment continuing to ignore them."
The group pointed to one 2024 poll by the American Communities Project that showed more than 60% of Americans agreed that the economy "is rigged to advantage the rich and the powerful," while 62% disagreed with the idea of cutting social programs to lower taxes.
Another 2024 poll by The Associated Press found that 91% of Americans supported equal protection under the law and 88% supported the right to privacy, while a 2020 poll by the Carr Center for Human Rights at Harvard Kennedy School revealed that 89% of Americans expressed strong support for affordable healthcare, 85% felt people have the right to a job, and 93% thought the right to clean air and water is essential.
Analyzing those surveys and other data, CEPR advised policymakers to consider the Majority Agenda as a "roadmap" to passing policies that large majorities of Americans view as major priorities to improve their quality of life.
The report is divided into three sections: Good Jobs, Strong Infrastructure, and Fair Play.
To push for fair, well-paying employment, said CEPR, lawmakers should support policies including:
- Increasing unionization‚ supported by 68% of Americans in one recent poll, through the Protecting the Right to Organize (PRO) Act, cracking down on retaliation against union members, and repealing or reforming the Taft-Hartley Act;
- Raising the $7.25 federal minimum wage, supported by 86% of Americans; and
- Setting a floor for paid time off from work by strengthening the Family and Medical Leave Act.
The section on strengthening US "infrastructure" looks beyond the traditional definition of the term regarding physical infrastructure projects, pushing for stronger policies that can help working people thrive by ensuring their healthcare, housing, and other basic needs are met.
A stronger infrastructure, said CEPR, would include:
- Guaranteed healthcare for everyone in the US through the passage of the Medicare for All Act, which has been introduced in the US House and Senate numerous times, and a corporate practice of medicine law to stop the corporatization of healthcare;
- A reversal of the trend of federal housing policy directing "too much funding to the wealthy and too little for everyone else," by ending federal restrictions on the creation of new federal public housing instead of investing in mortgage interest deductions for wealthy homeowners and the Low-Income Housing Tax Credit, whose benefits are greater for wealthy investors than for low-income renters; and
- An investment in clean energy by reinstating Biden-era regulations and strengthening the Clean Air Act and other environmental protection laws in order to meet the demands of 59% of Americans who view the climate crisis as "very or extremely dangerous," according to a 2021 poll by the University of Chicago.
CEPR pointed to three areas in which lawmakers could increase "fair play" for Americans:
- Strengthening and supporting Social Security, which Republicans frequently attack as rife with fraud and on the verge of going broke, by diverting some among of general revenue to the program and increasing monthly benefits modestly;
- Passing a constitutional amendment to allow the government to regulate campaign fundraising and spending both by campaigns and outside individuals and artificial entities; and
- Raising taxes on large businesses and the wealthy, as large majorities of Americans believe government should, and restoring funding to the Internal Revenue Service to ensure proper collection of taxes.
"That the US Congress is not debating or introducing bills to address the issues presented here represents a breakdown of democracy, one that comes at a considerable cost to the betterment of life for large swaths of Americans. At the same time, the access to and influence over our democratic processes by the monied class has upended our system of government, and all too often the tyranny of the wealthy minority has reigned," reads the CEPR report.
"We hope this report stands as a reminder that even in a fraught political moment," said CEPR, "there is a range of straightforward, broadly popular policy choices that could improve the lives of millions of people."
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Sanders Leads Launch of 'Worker Power' Movement to Fight 'Status Quo Economics'
“Unless we fundamentally transform our economic and political systems, the worst is yet to come,” Sen. Bernie Sanders warned.
Apr 13, 2026
As Republican policies, union-busting corporations, and the imminent threat of artificial intelligence put unprecedented pressure on the US workforce, Sen. Bernie Sanders headlined Sunday's launch of a movement "to strengthen the labor movement and expand worker power across the country."
Sanders (I-Vt.) spoke at the “Union Now: Building the Labor Movement” rally at Terminal 5 in Hell's Kitchen in Midtown Manhattan alongside New York City Mayor Zohran Mamdani, Association of Flight Attendants-CWA international president Sara Nelson, and other labor and social movement leaders.
“Unless we fundamentally transform our economic and political systems, the worst is yet to come,” Sanders warned. “If the middle class of this country is going to survive, we must understand that status quo politics and status quo economics is no longer good enough."
LIVE Bernie Sanders Zohran Mamdani UNION NOW Rally in NYC https://t.co/uC6atxCK7N
— Status Coup News (@StatusCoup) April 12, 2026
“It’s absolutely important that all of us here and every American understand that in the ruling class of this country today, there is an extraordinary level of arrogance and cruelty,” the senator said.
"The truth is that the 1% the people on top, people running this country have never, ever had it so good,” Sanders told the crowd. “But the sad reality is that for these people, all that they have is not good enough. They want more and more and more, and they don’t care who they step on to get what they want."
“These guys are extremely, extremely greedy people, and they could care less in terms of what happens to our children, what happens to our parents and our grandparents, and what happens to our environment today," the senator argued.
“One of the goals of the oligarchs and the media that they own is to make ordinary people feel that there is nothing that they can do to shape the future,” he added. “And what we are here today to say to [Elon] Musk and his friends: Go to hell.”
Mamdani, who marked 100 days in office, said: "When we talk about the importance of taking on the crisis of income inequality, we know that the most effective tool to do so is increasing union density. Organizing drives and strikes can, frankly, be lonely work. So Union Now is going to support workers and provide them with more resources, and my administration will stand right alongside them. This moment demands nothing less."
“AI and robots are coming for human jobs," the mayor warned. "Worker protections are being eroded. There are companies that think that exploitation is a viable business model. They are wrong.”
Nelson asserted that “growing union membership and bargaining power is crucial for workers' rights and economic justice.”
“Too often, the boss has all the power to starve workers during a fight," she said. "Union Now will work with unions directly to ensure workers have the means to win."
Brittany Norris, a Delta AFA Organizing Committee member and flight attendant, told the crowd that "when it comes to striking, when it comes to public actions, a lot of those things cost money and it’s a lot of time, dedication, and efforts coming from the workers."
“We continuously hear about the profits... that our industry is making, but then we’re begging for a raise that comes up close to what the cost of living increase is every year,” she added.
Sunday's Union Now launch comes amid Sanders' ongoing "Fighting Oligarchy" tour, which has drawn large crowds across the country, including in so-called "red" states. The rally also follows last year's "Workers Over Billionaires" Labor Day rallies and marches in over 1,000 locations.
The Union Now launch also coincides with growing wealth inequality not only in the United States but around a world in which the richest 10% of the global population own three-quarters of planetary wealth and account for nearly half of all consumer spending.
“If [President Donald] Trump and his fellow oligarchs get their way, we will be living in a society where fewer and fewer people have more and more wealth and more and more power, where democracy will be undermined, where workers will be thrown out on the street with no recourse," Sanders said Sunday. “That is not the America we want for ourselves or for our kids."
“The good news is," he added, "if we stand together and we not let Trump and his friends divide us up, when we stand together and fight for a government that works for all of us, there is nothing that we cannot accomplish."
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