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Trustee Archive
Our top 1% owned nearly one-quarter of all U.S. household wealth 30 years ago. It now owns nearly one-third. Meanwhile, the bottom 50% of people have gone from 3.7% of the wealth in 1989 to 1.9% today. In 2018 the richest 0.1% of US households held 20% of the country’s wealth. Many people believe our wealthy do not pay their fair share of taxes. A wealth tax would remedy this situation by taxing an individual's net wealth - or the market value of their total owned assets minus liabilities. A wealth tax is in addition to a tax on income, and is similar to a property tax people pay on their homes, but applied to all their wealth above a certain level. It would be a new federal tax, as property taxes are imposed at the local level, and estate taxes, while on wealth, are only imposed at death. A wealth tax would be levied on taxpayers whose net assets exceeded $50 million. Supported by two-thirds of all Americans, it would affect 70,000 taxpayers and would raise $2.7 trillion in revenue over 10 years. Supporters say middle-class America would receive considerable benefits from a wealth tax such as universal child care, free college tuitions, Medicare for all, and meaningful actions mitigating climate change.
Pending legislation: H.R.4919 - Oppose Limitless Inequality Growth and Reverse Community Harms or the Oligarch Act of 2023
Sponsor: Rep. Barbara Lee (CA)
Status: House Committee on Ways and Means
Chair: Rep. Jason Smith (MO) |
- I oppose reforming current wealth tax policy and wish to donate resources to the campaign committee of Speaker Mike Johnson (LA).
- I support implementing a tax on the wealth of the ultra-wealthy based on the level of inequality the country suffers by imposing a tax of:
1.)
2% for all wealth between 1,000 and 10,000 times median household wealth;
4% for all wealth between 10,000 and 100,000 times median household wealth;
6% for all wealth between 100,000 and 1,000,000 times median household wealth;
8% for all wealth over 1,000,000 times median household wealth.
2.) Defining net value of all taxable assets as the value of all property of the taxpayer, real or personal, tangible or intangible, wherever situated reduced by any debts (including secured debts) owed by the taxpayer.
3.) Requiring the IRS to audit at least 30% of ultra-rich households and establishing penalties for substantial valuation understatements.
And wish to donate resources to the campaign committee of Rep. Jason Smith (MO) and/or to an advocate group currently working with this issue.
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| Winning Option
»» No issues were voted |
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I support implementing a tax on the wealth of the ultra-wealthy based on the level of inequality the country suffers by imposing a tax of:
1.)
2% for all wealth between 1,000 and 10,000 times median household wealth;
4% for all wealth between 10,000 and 100,000 times median household wealth;
6% for all wealth between 100,000 and 1,000,000 times median household wealth;
8% for all wealth over 1,000,000 times median household wealth.
2.) Defining net value of all taxable assets as the value of all property of the taxpayer, real or personal, tangible or intangible, wherever situated reduced by any debts (including secured debts) owed by the taxpayer.
3.) Requiring the IRS to audit at least 30% of ultra-rich households and establishing penalties for substantial valuation understatements.
And wish to donate resources to the campaign committee of Rep. Jason Smith (MO) and/or to an advocate group currently working with this issue.
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- Representative
If elected as a trustee, the campaign committee of Rep. Jason Smith (MO) will be unconditionally awarded the funds pledged to this issue along with a letter requesting him to favorably consider passing H.R.4919 - Oppose Limitless Inequality Growth and Reverse Community Harms or the Oligarch Act of 2023.
- Americans for Tax Fairness
If elected as a trustee, Americans for Tax Fairness will be awarded the funds pledged to this issue along with a letter requesting these funds be used to work and advocate for a wealth tax imposed on taxpayers exceeding $50 million in assets.
About: Americans for Tax Fairness is a diverse campaign of more than 420 national, state and local endorsing organizations united in support of a fair tax system that works for all Americans. It has come together based on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. This requires big corporations and the wealthy to pay their fair share in taxes, not to live by their own set of rules.
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- No trustee votes received.
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| Poll Opening Date |
February 12, 2024 |
| Poll Closing Date |
February 18, 2024 |
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