Our Tax History Holds the Key to a Fairer System
New research shows that average tax rates for big earners have dropped precipitously since the middle of last century.
Elon Musk, May 30, 2020. Getty Images
Nothing symbolizes the inequality of sacrifice during the Covid-19 pandemic more than watching a few hundred billionaires gain while everyone else struggles through job losses, debilitating illness, or death.
Hundreds of thousands of Americans have died from Covid-19 and over 32 million have lost their jobs. U.S. households lost an estimated $6.5 trillion in wealth during the first quarter of 2020 alone.
But billionaire wealth is surging. Since March 18, the beginning of the pandemic lockdown, the 467 U.S. billionaires have seen their wealth increase by over $730 billion, or 30%, according to an analysis of Forbes data by Americans for Tax Fairness and the Institute for Policy Studies.
The Fed has used emergency measures to prop up the economy that reversed the stock-market crash caused by the pandemic, even as the rest of the economy falters. The biggest beneficiaries have been the billionaire class, which keeps on growing wealthier.
It is time to levy an emergency wealth tax on billionaire profiteers and direct the funds to offset the cost of the nation’s health-care costs.
Read the full op-ed in Marketwatch.
Read regular Institute for Policy Studies updates on U.S. unemployment and billionaire wealth during the pandemic.
by William Rice
/by Zachary Tashman
New research shows that average tax rates for big earners have dropped precipitously since the middle of last century.
by Portia Allen-Kyle
A new report exposes how for-profit tax preparation companies target Black and working-class communities.
by Erica Payne
Patriotic Millionaires Founder and President Erica Payne called for increased taxes on the wealthy in a speech at a United Nations special meeting.
Inequality.org
→ In Your Inbox
Get the indispensable guide to the latest on our unequal world, in your inbox every Wednesday.
You can unsubscribe any time. We do not sell or share your information with others.
Click to close
Inequality.org
→ In Your Inbox
Get the indispensable guide to the latest on our unequal world, in your inbox every Wednesday.
You can unsubscribe any time. We do not sell or share your information with others.
Click to close
Inequality.org
→ In Your Inbox
Get the indispensable guide to the latest on our unequal world, in your inbox every Wednesday.
You can unsubscribe any time. We do not sell or share your information with others.
Click to close
Inequality.org
→ In Your Inbox
Get the indispensable guide to the latest on our unequal world, in your inbox every Wednesday.
You can unsubscribe any time. We do not sell or share your information with others.
Click to close
Inequality.org
→ In Your Inbox
Get the indispensable guide to the latest on our unequal world, in your inbox every Wednesday.
You can unsubscribe any time. We do not sell or share your information with others.
Click to close