The number that sticks in my mind today, and has since I heard it, is 40 percent. While over half a million people in the U.S. have died of COVID in one year, while millions of people have become sick, while millions of people have lost their jobs, savings and homes, and many people have been forced to wait in long food lines to get enough to feed their families—while all that was happening, the billionaires—the top 0.05 percent in the country, the Waltons, the Jeff Bezos’ of the world—saw their collective wealth go up 40 percent. Which is one good reason to have a wealth tax.
This week, Sen. Elizabeth Warren and Rep. Pramila Jayapal rolled out an “Ultra Millionaire’s Tax”. The tax would only be on the wealthiest 100,000 households in America, or the top 0.05%, who have a net worth of $50 million, and it would raise $3 trillion over a decade. Since, and I’m just spit balling here, I don’t think my audience falls into the over $50 million-net-worth category, I figured it would be safe to engage the always-brilliant Amy Hanauer, executive director of the Institute for Taxation and Economic Policy, in a conversation about the great benefits of a wealth tax.
Some good news! Last May, I talked about an effort to raise two trillion dollars for poorer countries to battle the pandemic and the economic collapse. The money, so-called Special Drawing Rights (SDRs), can be created by the International Monetary Fund (IMF) but the Trump Administration blocked the move—even though it comes at no cost to taxpayers here. But, now, there’s movement: Treasury Secretary Janet Yellen appears to be in favor of some level of the SDRs, if not the full two trillion now in the newly resurrected bills in the Senate and House. Mark Weisbrot, co-director of CEPR and an expert in international affairs who has been leading the campaign since last year, joins us for an update.
I also have a few thoughts about the video Joe Biden made about the rights of workers to have a union. It’s a good thing—but it also shows how narrow the debate is about true union organizing rights. Check it out—and let me know your thoughts!
This blog originally appeared at Working Life on March 3, 2021. Reprinted with permission.
About the Author: Jonathan Tasini is a political / organizing / economic strategist. President of the Economic Future Group, a consultancy that has worked in a couple of dozen countries on five continents over the past 20 years.