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We Need A Wealth Tax

No deductions, no exemptions, no loopholes.

It’s time the wealthy pay up.

Tax breaks for the wealthiest people in our country aren’t working, and aren’t fair. If we are going to solve the widespread issue of economic inequality in America, we need to stop cutting taxes for the rich.

Under Tom’s plan, anyone worth 32 million dollars or more will pay 1 cent more on the dollar. At 500 million, that goes up to 1 and a half cents. And at 1 billion dollars, that number hits 2 cents.  Over a decade, that’s 1.7 trillion dollars in tax revenue — which will go towards things like fixing health care, creating new jobs in a clean energy economy, and funding education. Tom has been calling for a wealth tax long before he was running for president — because it’s the right thing to do.

Tom has closed tax loopholes before, and he’ll do it again as president.

Over the next decade, the Institute On Taxation And Economic Policy projects all those pennies could raise over $1.7 trillion.

That’s enough for our nation to:

  • Pay off our entire federal deficit
  • Pay off student loan debt nationwide
  • Repair our roads, bridges, and highways (cost: about $836 billion)
  • Upgrade our voting machines for safer, fairer elections (cost: about $130 – $400 million)
  • Mitigate climate change with clean energy investments

A Wealth Tax by a Steyer Administration would be on a progressive scale to make sure the most wealthy Americans pay their fair share:

Total Net Worth Percentage Wealth Tax
$0 – $31,999,999 0%
$32,000,000 — $499,999,999  1.0%
$500,000,000 — $999,999,999  1.5%
$1,000,000,000 + 2.0%

During the last 40 years, our nation experienced the massive redistribution of wealth from the middle and working class to the wealthy. Republicans continue to relentlessly disenfranchise and hurt working Americans. A Steyer Administration will rebalance the scales of justice and solve the widespread issue of income inequality.

“One of the primary roots of wealth inequality: [the idea that] the richest Americans get to live by a different set of rules than everyone else.”
─ Tom Steyer, Op-Ed in USA Today