NEW Op-ED: How to Fix Our Rigged Tax System
Washington, DC - United States Senator Elizabeth Warren (D-Mass.) published an op-ed in The Washington Post on how to raise trillions in revenue to pay for the reconciliation package and then some, by making the wealthy and well-connected and giant corporations pay their fair share.
Read the full op-ed here and see excerpts below.
The Washington Post: How to Fix Our Rigged Tax
August 12, 2021
By Elizabeth Warren
Now that the Senate has passed a budget resolution, we’re one step closer to realizing President Biden’s transformational agenda: a once-in-a-generation investment in child care and Medicare, combating climate change and other efforts that would actually make our government work for families. The other half of the package — how to pay for these investments — is equally important.
The already huge gap between the 0.1 percent and everyone else is just getting wider. Billionaire wealth surged by $1.8 trillion from the early days of the pandemic through last month. The 400 richest Americans had more total wealth, as of 2019, than all 10 million Black American households, plus a quarter of Latino households, combined. Yet the ultrarich pay only 3.2 percent of that wealth in taxes, while 99 percent of families pay 7.2 percent. And scores of giant U.S. corporations pay zero.
I’ve proposed measures that would raise more than $5 trillion in revenue — far more than we need to enact the Biden plan. Though not every Democrat agrees with every one of my ideas, Biden campaigned aggressively on a suite of progressive tax policies, and voters embraced these changes at the ballot box. No matter how loudly Washington lobbyists bleat otherwise, progressive tax policies are wildly popular. Americans understand that our tax system has been rigged to reward the rich and powerful at the expense of everyone else. So let’s fix it.
I’ve put these three proposals — a wealth tax, a tax on real corporate profits and closing the tax gap — on the table. There are other ideas worthy of consideration, but the standard should be writing rules that target wealthy freeloaders and corporate grifters and then enforcing those rules. American workers and families don’t want handouts. They want everybody to play by the same rules. The Democrats’ infrastructure plan is about investments and tax fairness — changes that would help build a strong future for not only a handful of people at the top but for everyone. This is what we were sent here to do. It’s time for us to do it.
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