Why Not a Wealth Tax to Ease Pandemic Pain?

FEATURING CHUCK COLLINS – Senator Elizabeth Warren and Representative Pramila Jayapal have unveiled a wealth tax bill this week that would impose a minuscule tax on the wealth of massively rich individuals in order to fund economic relief. Called the “Ultra-Millionaire Tax Act of 2021,” the bill would address the constant conservative opposition to government assistance: how will we pay for it? Considering that the wealthiest Americans have gotten remarkably wealthier over the past year alone at the same time that the net wealth of 99% of Americans has generally fallen, it seems a straightforward task to redistribute some of that excess wealth and still leave the fabulously rich far more comfortable than the rest of us could ever dream of being.

Chuck Collins, senior scholar at the Institute for Policy Studies where he directs the Program on Inequality and the Common Good. He has written a number of books including Born on Third Base: A One Percenter Makes the Case for Tackling Inequality, Bringing Wealth Home, and Committing to the Common Good. He has authored numerous reports for Inequality.org on the growing wealth of billionaires during the pandemic and his forthcoming book is called The Wealth Hoarders.