If a modest 2% wealth tax was in place this year, it would have raised enough funds to pay for the next three decades of Biden’s student debt cancellation plan.
If a modest 2 percent wealth tax on a fraction of the richest households in the U.S. was in place this year, it would have raised enough funds to pay for the next three decades of President Joe Biden’s student debt cancellation plan, new data shows.released by the Institute on Taxation and Policy on Thursday finds that a nationwide 2 percent wealth tax on households worth over $30 million, or the top 0.25 percent of households, would have raised nearly $415 billion this year alone.
The wealth gap is growing with next to no regulation in place to control it. In its report, ITEP found that over one out of every four dollars of wealth in the U.S. is held by households with a net worth of over $30 million, with an estimated collective $26 trillion in wealth this year.according to the Federal Reserve
“Economic inequality in the U.S. is large, growing and highly unpopular,” ITEP wrote. “Excessive concentration of wealth runs counter to our national aspiration for genuine equality of opportunity, and it saps the vitality of our democracy through the consolidation of power and influence.” In order to begin reducing wealth inequality, ITEP recommends that lawmakers consider implementing an ongoing or one time tax on unrealized capital gains, which account for an estimated over 40 percent of wealth owned by households worth over $30 million.
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