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.