Pass a wealth tax on the ultra-wealthy. The evidence is overwhelming, the need is urgent, and the political will is the only thing missing. The World Bank and IMF both said in October 2021 that progressive tax policy is one of the prime tools for addressing inequality — inequality that now affects 70% of the global population. It's time to act on that.
The current system is a rigged game. Billionaires like Bezos, Musk, and Bloomberg pay effective tax rates between 0.10% and 3.27% while working people pay far more. They shelter wealth in tax havens and shell companies, and enforcement is a joke — the BIR's tax evasion program produced just 10 convictions out of 929 cases filed over 13 years. Meanwhile, our debt-to-GDP ratio has blown past the recommended 60% threshold because we keep borrowing to fund public needs instead of taxing those most able to pay.
A wealth tax isn't radical — it's rational. It funds healthcare, education, and pandemic recovery without adding to the debt burden that future generations will carry. Tax the people who've benefited most from this economy and make them pay their fair share.
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