While workers and families struggled to keep roofs over their head and put food on the table during the pandemic, American billionaires accumulated more than $2 trillion in wealth. Economic inequality is growing at breakneck pace and our failure to make sure the top 1 percent pay their fair share in taxes diverts critical funds needed for healthcare, education, housing, and more.
I support a tax system that's equitable, simple, and doesn't let millionaires avoid their responsibility. I also support rolling back the Trump tax cuts, closing tax loopholes exploited by the wealth and corporations, and leveling the playing field for working people. I was deeply disappointed that some of these provisions were dropped from the final Build Back Better package over the objections of a handful of Senators.
If wealthy heirs do not contribute more to support national investments, then working-class Americans, especially low income and those of color, will continue to fall further behind. That is why I’m glad that Senator Bernie Sanders and Rep Jimmy Gomez introduced H.R. 2576/S. 994 - the For the 99.5 Percent Act. Their bill would ensure the wealthiest 0.5 percent of estates start to pay their fair share of taxes by establishing a new progressive estate and gift tax rate structure, ending tax breaks for dynasty trusts, and closing loopholes. The 99.5 percent of estates worth $3.5 million or less will be completely unaffected by this legislation.
I would like to see you co-sponsor this legislation. And please continue to push for raising taxes on billionaires and corporations. Thanks.
