1. United States
2. Kan.
3. Letter

The Ultra-Millionaire Tax Act of 2024 aims to restore fairness to the tax system by imposing a progressive wealth tax on households with a net worth exceeding $50 million. This measure will ensure the wealthiest contribute their fair share towards lowering the deficit and balancing the national budget. The bill imposes a 2% annual tax on net worth between $50 million and $1 billion, and a higher 3% rate on wealth exceeding $1 billion. Importantly, it contains provisions to fund the IRS for robust enforcement and prevent wealthy individuals from shielding assets overseas. By asking the ultra-wealthy to pay a modest tax on their extreme levels of accumulated wealth, we can raise significant revenue in a progressive manner to get our fiscal house in order. This is a practical solution to address the yawning gap between the fortunate few at the top and the vast majority of Americans. I urge you to support this commonsense, fair, and much-needed reform.