What Fair Taxation Could Do
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Based on the Forbes report, we estimate the per-year increase in wealth during this 483-day period to be around $908 billion. We consider a “fair tax rate” to be that called for by Americans for Tax Fairness and President Biden — around 40% for gains of the ultra-wealthy. A ProPublica analysis of the 2014-2018 taxes returns of the 25 richest Americans found that they paid an effective tax rate of 3.4% during that period. Even if these 650 billionaires paid twice that rate in the last year, that would still be $301 billion less than if they had paid 40% taxes on their gains. Many also point out that with historically unheard-of disparities between the ultra-wealthy and everyone else, a much higher tax rate would be fair. During World War II and in the two decades after, the highest tax rate for the very richest was around 90% — which still left those top earners making way more money than most Americans.
The cost of items in the Americans Jobs Plan and American Families Plan was used to estimate annual cost for universal community college, preschool, and family and medical leave, as well as the one-time costs of replacing lead pipes and building a network of electric vehicle charging stations.