COLLINS CHUCK THEA LEE Inequality & The Common Good

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Presentation transcript:

COLLINS CHUCK THEA LEE Inequality & The Common Good Program Director, IPS President, Economic Policy Institute @TheaLeeEPI @Chuck99to1

Extraordinary Concentration of Wealth and Power in the Top 0.1 %

Excessive Wealth Disorder The United States has the developed world’s worst case America’s wealthiest 400 households now hold more wealth than 64% of the U.S. population. Just three Americans - Jeff Bezos, Bill Gates, and Warren Buffett - have as much wealth as the bottom half of U.S. households combined. Three American clans - the Walton, Koch, and Mars families - have seen their wealth soar nearly 6,000% over the past 30 years.

Plutocracy Prevention Annual Wealth Tax Progressive Estate or Inheritance Tax 70% Marginal Income Tax Rate –Incomes Over $10 million 10% Income Surtax on all income over $2 million, including capital gains

Sources of Income of the top 0.1%

Senator Warren’s Wealth Tax An annual wealth tax: 2% tax on wealth over $50 million 3% tax on wealth over $1 billion Estimated revenue: $2.75 trillion over 10 years

Senator Sanders’ Progressive Estate Tax Strengthens existing Estate Tax (current: 40% tax on wealth over $11.4 M and $22.8M for a couple). Adds several progressive rates on wealth as it increases (77% rate on wealth over $1 billion). Closes loopholes and abuses of trusts Will raise an estimated $2.2 trillion over 10 years

Restore 70% Top Income Tax Rate Adding a new marginal tax rate on incomes over $10 million Applies to wage and salary income (but not capital income)

10% Income Surtax on Top 0.1% Top 0.1% (incomes over $2M and wealth over $20M) A surcharge applies to all forms of income, including capital income (interest, dividends and capital gains) Revenue: $70 billion a year –and $775 B over 10 years

Tax the (Very) Rich: Finding a Cure for Excessive Wealth Disorder NEXT STEPS! Tax the (Very) Rich: Finding a Cure for Excessive Wealth Disorder Save the Date: Tuesday, June 25th, 2019 National Conference at the Mayflower Hotel, Washington DC Lead Hosts: Economic Policy Institute & Institute for Policy Studies Join us!