Social Security is a great equalizer. It lifts the floor for economic security, making sure that no one who retires has to retire into poverty. But the ultra-wealthy keep pushing to dismantle Social Security and Medicare, leaving seniors on the street so that more money can go into their own pockets. Forbes just released its annual ranking of the world’s richest people, and discovered 141 new billionaires:1
“It’s been an amazing year for the world’s richest people, with more billionaires around the world than ever before,” said Chase Peterson-Withorn, Forbes’ wealth editor. “A record-breaking 14 centibillionaires [$100bn] have 12-figure fortunes. Even during times of financial uncertainty for many, the super-rich continue to thrive.”
The Ultra-Millionaire Tax Act would:
Apply a 2% tax on the wealth of households and trusts worth between $50 million and $1 billion and a 3% tax on fortunes exceeding $1 billion;
Provide the IRS with an additional $100 billion in resources to adequately enforce this new tax;
Mandate that at least 30% of these ultra-wealthy households be audited every year;
Bring in at least $3 trillion in revenue over 10 years without raising taxes on the 99.95% of households with net worths under $50 million.
Sign now: Become a grassroots co-sponsor of the Ultra-Millionaire Tax Act today!
Thank you,
Michael Phelan
Social Security Works
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