“Tax Day is a reminder that the tax formula doesn’t work for Americans. “
With the deadline for Americans to file federal tax returns fast approaching, Oxfam America on Friday renewed its calls to tax the ultra-wealthy as it publishes a study showing that the growing number of American billionaires have noticed their wealth have increased by nearly a third since then. the beginning of Covid-19 and almost 90% during the last decade.
“Wealth inequality in the United States is more excessive and damaging than income source inequality; and we want to replace our approach, so we can tax wealth and the source of income well,” the charity said at an advent of the report, Taxing Wealth, Tackling Inequality.
According to Forbes data, the report found that “American billionaires are nearly one-third richer (more than a trillion dollars, in real terms) than they were at the start of the pandemic in 2020,” while the total wealth of American billionaires has declined. It has soared 86% since 2013.
The number of U. S. billionaires, of whom there are now more than 700, is also 60 percent higher than a decade ago, according to the analysis.
– OxfamAmerica (@OxfamAmerica) April 14, 2023
Like the notes:
At the same time, our country has a “permanent marginalized class” of families who are disadvantaged in their economic rights, trapped in poverty, and unable to accumulate wealth independently of their work. Oxfam’s knowledge shows that nearly a third of the U. S. U. S. less than $15 an hour; Half of all women of color who run earn less than $15. 14.
The racial wealth hole has been widening since the 1980s and is now close to what it was in 1950. Lately, the average black American family owns only about 12 cents of wealth for every dollar of the average white American family.
And while the gender pay gap has moved slightly in two decades, the gender wealth gap is much wider. One study found a gross gender wealth gap among women who own 32 cents for every dollar of male wealth. It’s even deeper.
“At a time when the ultra-rich are accumulating historic and damaging levels of wealth, a federal wealth tax provides an important and mandatory tool to directly tackle excessive wealth inequality, as well as promote racial justice, combat the climate crisis and democracy, Oxfam said: “It is also a reminder that the current debt ceiling lock is the result of granting tax breaks to ultra-rich. “
Guess which one is taxed at 40%?
Join the call to tax the mega-rich now. #TaxMilliardaireshttps://t. co/DtdocnOHik
– Mark Ruffalo (@MarkRuffalo) April 13, 2023
Oxfam is urging Congress and Biden’s management to enact legislation like Senator Elizabeth Warren’s (D-Mass. ) Ultra-Millionaire Tax Act, which would impose a 2% annual tax on the network of families and trusts exceeding $50 million, plus an additional 1% annual tax on billionaires.
According to research by economists Emmanuel Saez and Gabriel Zucman of the University of California, Berkeley, the tax would generate at least $3 trillion in profits over 10 years without raising taxes on 99. 95% of American families for less than $50 million.
Citing figures from the Institute for Millionaire Political and Patriotic Studies, Oxfam’s research showed that:
“Tax Day is a reminder that the tax formula doesn’t work for Americans. It is designed to benefit the wealthiest in our society,” said Nabil Ahmed, Director of Economic Justice at Oxfam America. “The ultra-rich sit on mountains of wealth that remain largely untouched through taxation, and their savage wealth is largely the result of intentional public policy. “
“We want to establish strategic wealth taxes if we want to have any chance of reducing this kind of golden age wealth inequality that the super-rich have absolute control over our economy,” Ahmed continued.
“Taxing the ultra-rich is imperative to fight excessive wealth inequality and our democracy at the risk of oligarchy, but it is also imperative to promote racial and climate justice, links we want to pay more attention to,” he added. “It is also transparent that the political stalemate over the debt ceiling is the result of tax cuts for the wealthiest. “
Brett Wilkins is a Common Dreams.
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