HUNDREDS OF MILLIONAIRES WANT MORE TAXES

HUNDREDS OF MILLIONAIRES WANT MORE TAXES

Hundreds of millionaires want more taxes. This group of hundreds of taxpayers, who are all millionaires, are arguing for more taxes on the rich. They believe the system is not working, and inequality is getting worse in America. In D.C., a group of lawmakers are introducing a bill that would raise the taxes on the rich, the states include, California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington. The push for higher taxes comes as the U.S. Government is facing a potential economic meltdown, over its ability to increase the debt ceiling and pay its bills. The current debt of $31.4 trillion increased from when Donald Trump was President, as it stood at $24 trillion then, but the Tax Cuts and Jobs Act, primarily benefited rich taxpayers and the debt grew. Hundreds of millionaires want more taxes.

Abigail Disney, heir to the Disney fortune stated "Extreme wealth is eating our world alive", "It is undermining our democracies, destabilizing our economies, and destroying our climate." She said "But for all their talk about solving the world's problems, the attendees of Davos refuse to discuss the only thing that can make a real impact--taxing the rich."

Creating a federal U.S. wealth tax could raise more than $583 billion annually, revenue that could be used to boost education spending by almost half, according to a report form the Patriotic Millionaires. The group is calling for a new progressive wealth tax, which would add a 2% tax for people with net worth of $5 million or more, 3% for those with $50 million or more and 5% for those with $1 billion or more.

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