Wealth inequality is worse today than ever before. The top 0.1% of Americans control more than 13% of the country’s wealth. While the rich get richer, working families across America are suffering and falling further behind.
The richest families in America can afford to pay their fair share to invest in the future of America and promote the public good We need to level the playing field and generate new federal revenue by reforming our tax system to include a 2% annual tax on every dollar of a household wealth over $50 million, and a 4% Billionaire Surcharge tax on households with a net worth over $1 billion. This tax reform would apply to only 75,000 households nationwide – and just a handful of families in Maine – but it would benefit everyone in our state.
This new tax reform will help ensure that ultra-millionaires and billionaires in America pay their fair share and generate $4 trillion in new revenue over the next 10 years. With this reform, we can create an affordable future for all Americans and fix broken systems that have led to out-of-control costs of childcare, healthcare, and housing.