We need a 5% wealth tax on America’s 938 billionaires. Over a 10-year period, this bill would raise much-needed $4.4tn for public coffers
Never before in American history have so few had so much wealth and power. Today, the top one per cent owns more wealth than the bottom 93%. One man, Elon Musk, worth $805bn, owns more wealth than the bottom 53% of American households.
And that inequality is getting worse. Last year alone, after receiving the largest tax break in history from Donald Trump, 938 billionaires in America became $1.5tn richer. Since he was elected, President Trump and his family have become $4bn richer.