While the millionaires surtax does not address the colossal inequalities of wealth, it focuses on taxing income that largely flows from wealth.
If the bill passes, Roth accounts would be capped at $20 million for high-income individuals.
It’s more socialism for the rich, harsh capitalism for the rest.
Their current combined fortune: $4.7 trillion, up $1.8 trillion since the pandemic began.
Sens. Elizabeth Warren and Sheldon Whitehouse demanded an investigation into how the rich use “legal tax loopholes to avoid paying their fair share of income taxes.”
We most certainly can. We have history on our side.