When wealth is concentrated in the hands of a few, they have too much power—the consequences of which all Americans are living with today. Taxing extreme wealth protects our democracy.
When wealth is concentrated in the hands of a few, it gives them too much power—the consequences of which all Americans are living with today. Taxing extreme wealth protects our democracy.
A Wealth Proceeds Tax Would Address Extreme Inequality
Nearly half of all the wealth in the District is held by just 0.4 percent of households. The concentration of wealth in the US and DC stems from centuries of racist and extractive policies and practices that have allowed a small number of predominantly white people to amass extreme wealth and grow it across generations. This in turn has given a small few continued and undue influence over policymaking, to their favor.
A wealth proceeds tax asks people with passive income to pay an additional local percentage on an existing federal tax on wealth that exceeds a certain threshold. This tax would largely fall on the very wealthy.
