I endorse this as a mild step in the right direction. It needs to be higher though. We need a wealth cap that just gets rid of billionaires like Huey Long proposed in the Depression.
“Senator Elizabeth Warren introduced legislation that would tax the wealthy on Monday, and her proposal is mounting support from voters on both sides of the aisle.
The Ultra-Millionaire Tax Act would tax the net worth of America’s richest people by applying a 2 percent tax to those with a net worth above $50 million and a 3 percent tax to those worth above $1 billion. Net worth includes value of stocks, real estate, cars and anything else a person owns, minus their debts.
Polls show that Warren’s proposal becoming increasingly popular, with more than three in five Americans saying they support a wealth tax, including a majority of Republican voters, which she’s hoping congressional Republicans will recognize. …
According to the latest report from the Institute on Policy Studies, U.S. billionaires have grown $1.3 trillion wealthier over the course of the coronavirus pandemic. The analysis indicated that 664 of the nation’s billionaires were collectively worth $4.3 trillion at market close on February 19—a figure 44 percent higher than 11 months ago. …”
This is just an absurd number.
Billionaires are 44% wealthier … than a year ago?
For some inexplicable reason, Republican politicians will continue catering to billionaires who despise and censor Republican voters. They coddle people who are their open enemies.