Our tax system is fundamentally broken, perpetuating economic injustice and widening the racial wealth gap. It's a system that allows the ultra-wealthy to pay lower tax rates than hard-working Americans, that permits billionaires to avoid taxes for years while their fortunes grow, and that disproportionately harms communities of color. This cannot continue.
We need comprehensive reform to create a tax code that works for all Americans, not just the privileged few. This means ending the tax-rate discount on investment returns compared to those on wages and salaries so that all forms of income are treated equally. It means implementing an annual tax on the wealth gains of the ultra-rich, preventing the accumulation of vast untaxed fortunes.
We must also recalibrate our deductions to benefit those who truly need support. Currently, deductions for mortgage interest, college savings, and retirement accounts primarily advantage those who already have the means to buy homes and save for the future. These should be targeted to help lower- and middle-income families build wealth and financial security.
The charitable contributions deduction needs adjustment to benefit more Americans, either as a credit for households under a certain income threshold or as an addition to the standard deduction. And it's time to let the pass-through income deduction, which mainly benefits large businesses, expire in favor of support for small business owners and entrepreneurs in underserved communities.
Finally, we need a tax on billionaires’ wealth gains, like the Billionaire Minimum Income Tax or the Billionaires Income Tax, to ensure that the wealthiest among us start paying their fair share. These reforms could generate hundreds of billions of dollars in new revenue―money desperately needed for investments in education, healthcare, affordable housing, and infrastructure in communities that have been historically marginalized.
Every day we delay, the wealth gap grows wider. Every day we wait, more working families struggle while billionaires and corporations exploit loopholes to amass even greater fortunes and higher profits. It's time for action.
I urge you to champion these reforms and fight for a tax system that reflects our values of fairness and opportunity for all. The American people are counting on you to build an economy that works not just for the wealthy few, but for everyone.
