An annual wealth tax, levied on those who make more than $50 million a year, could solve a number of festering problems, from raising revenue for pandemic relief to slowing a democracy-disrupting concentration of power. It’s an idea whose time has come.

Sen. Elizabeth Warren (D-MA), U.S. Representatives Pramila Jayapal (D-WA) and Brendan Boyle (D-PA), recently introduced legislation to levy a 2% annual tax on wealth starting at $50 million, rising to 3% on fortunes of more than $1 billion.

Polls show that the idea of a national wealth tax has overwhelming popular support, including among Republicans and independents.

Read the full article at The Progressive.

Chuck Collins directs the Program on Inequality and the Common Good at the Institute for Policy Studies. Follow him on Twitter @Chuck99to1.

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