These days, it is quite difficult to get Republican voters and Democratic voters to agree on much, but Elizabeth Warren found out how to knock that barrier down. Warren has introduced legislation that, if passed, will tax the wealthy. For the past four years, we watched the wealthy and big corporations pay little, if any, income tax while the middle class shouldered the burden. The timing is right for this bill. No one hates the wealthy; we just want them to pay their fair share, and during the last four years, they were doing anything but that. If Warren’s bill passes, they will be forced to pay their share, which will benefit the country overall.
Warren’s bill is called the Ultra-Millionaire Tax Act and proposes to apply a 2% tax on people with net worth above $50,000,000 and 3% on those over $1,000,000,000. Now, before you say, “big deal, not many people fall into those categories,” think again. According to Newsweek, University of California Berkeley professors Emmanuel Saez and Gabriel Zucman found that approximately 100,000 families will be subject to this tax, which is projected to produce $3 trillion in taxpayer dollars over ten years. Both Republicans and Democrats surveyed are in favor of Warren’s bill.
Newsweek reported that the heaviest support for this bill are Republicans in Maine, Arizona, North Carolina, Georgia, and Iowa. More will likely support this act once they realize that growth for the wealthy has far outpaced growth for everyone else. The Institute of Policy Studies shows that billionaire incomes have grown by $1.3 trillion since the start of the pandemic, a 44% increase in approximately 11 months. Indeed, the authors of this study found that in pandemic wealth gain alone, the wealthy could fund two-thirds of President Biden’s $1.9 trillion relief package. In this case, “the rich get richer” is not just a saying, it is a fact. Shamefully, Republicans want to begrudge Americans the measly $1,400 stimulus checks in President Biden’s rescue plan, yet they have no qualms about ensuring that they and their favorite constituents are well taken care of during the crisis.
Warren wants to use the funds for schools, childcare, and infrastructure the Hill reported. The funds would also help with decreasing the federal deficit, which ballooned even further out of control thanks to Republicans and their socialism for the rich. That is what is somewhat humorous about Republicans. They are quick to cry “socialism” when anyone in office or running for office moves to do something for average Americans, yet they are quick to put their hands out when it benefits them and their fat cat donors. There is no reason that a company like Amazon—that made billions in profit—should be exempt from income tax. Besides, even Republican constituents want to see this happen, just as they overwhelmingly want President Biden’s rescue plan. Republicans are quick to cry about the deficit when funds are going to the average American, but a bill like the one presented by Elizabeth Warren would help to level the playing field.
Shirley is a former entertainment writer and has worked in the legal field for over 25 years