Two years into the biggest national health crisis in recent history, U.S. billionaires’ wealth continues to soar: as of March 10, their collective wealth has shot up by $1.7 trillion, or 57%, since the pandemic emergency was proclaimed in mid-March 2020.
Infuriatingly, under current law, none of that wealth gain—essentially income—will likely ever be taxed.
This is why I strongly support the Billionaires Income Tax introduced by Senator Ron Wyden. It would tax billionaire wealth gains every year, just as workers’ pay is now. Tax on the increased value of easy-to-price assets—such as the publicly traded stock that makes up the bulk of billionaire wealth—would be collected annually. Tax on the rise in value of tougher to appraise assets like closely-held businesses, fine art and private jets would be collected once the item was sold and a value established, with interest charged to make up for any missed annual payments.
The BIT would raise $557 billion over a decade from about 700 taxpayers. That’s enough to pay for all the climate-crisis-response and other environmental investments in President Biden’s Build Back Better framework.
It’s fair, it’s easy, and it’s got to happen. Please support the Billionaire’s income Tax now, and use it to save us from a climate catastrophe. Thanks.
