Ultra-millionaire tax

As we all have seen, and may have experienced directly, a deadly pandemic and its devastating economic effect have left many with too little.

Meanwhile, due in part to a system designed in their favor, billionaires have grown $1.3 trillion richer since COVID19. Sadly, some of their employees are still fighting alongside workers and allies across the country for a $15 minimum wage. The COVID-19 relief bill was necessary, but not sufficient for the kind of economic recovery and change that benefits everyone.

The overwhelming influence of corporations, lobbyists and the ultra-wealthy has corroded our democracy, hollowed out our middle class, and resulted in an extreme concentration of wealth not seen in any other major economy.

The richest 0.1% of Americans now hold nearly as much wealth as the bottom 90% of families combined, according to a study by economists Emmanuel Saez and Gabriel Zucman.

This economic injustice is worse for Black and brown families. White families have an average wealth eight times that of Black families, and five times as much as Hispanic families, according to a Federal Reserve article.

This is where the recently proposed Ultra-Millionaire Tax Act may provide needed and necessary change. It wouldn’t raise taxes for 99.95% of American households, and would generate at least $3 trillion in revenue over 10 years. That’s money that can — and should — fund child care and early education. That’s money that can — and should — go into our community infrastructure. That’s money that can — and should — bolster our shrinking middle class. That’s money that can — and should — make a meaningful difference in the lives of Americans who need the most help.

The Ultra-Millionaire Tax Act is a critical step toward healing long-term wealth inequality.

Tabitha Jackson, Virginia Beach