Tax wealth to fix the nation’s woes

An annual wealth tax, levied on those who make more than $50 million a year, could solve a number of festering problems, from raising revenue for pandemic relief to slowing a democracy-disrupting concentration of power. It’s an idea whose time has come.

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Opinion

March 24, 2021 - 8:36 AM

An annual wealth tax, levied on those who make more than $50 million a year, could solve a number of festering problems, from raising revenue for pandemic relief to slowing a democracy-disrupting concentration of power. It’s an idea whose time has come.

Sen. Elizabeth Warren, D-Mass., Reps. Pramila Jayapal, D-Wash., and Brendan Boyle, D-Pa., recently introduced legislation to levy a 2% annual tax on wealth starting at $50 million, rising to 3% on fortunes of more than $1 billion.

Polls show that the idea of a national wealth tax has overwhelming popular support, including among Republicans and independents.

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