Fw: [TAKE ACTION]: Tell your Representative to co-sponsor the OLIGARCH Act.
John
Begin forwarded message:
From: "Erica Payne, Patriotic Millionaires" <in...@patrioticmillionaires.org>
Date: April 5, 2024 at 5:47:22 PM EDT
To: Rose Dyson <rose....@alumni.utoronto.ca>
Subject: [TAKE ACTION]: Tell your Representative to co-sponsor the OLIGARCH Act.
Reply-To: in...@patrioticmillionaires.org
Rose ,
There is a point when extreme wealth is, by definition, extreme power. We have reached that point. Concentrated wealth is suffocating our democracy, threatening our economic system, and undermining our social cohesion. A government that works only for billionaires while ordinary Americans suffer cannot withstand authoritarian forces and extremists.
The recent publication of the Forbes World’s Billionaires List for 2024 reveals just how acute the problem of extreme wealth has become. According to the report, there are now more billionaires than ever before, with most coming from the U.S. which has 813 billionaires with a combined worth of $5.7 trillion.1
Many working people are still trying to recover from the economic fallout of the COVID pandemic and record-high levels of inflation. Meanwhile, the top 1% in the US hit a new record with a combined $44.6 trillion in wealth, thanks to stock market rallies in the fourth quarter of 2023.2
We cannot allow this gross wealth inequality to continue. It is a threat to our democracy and to our way of life. To combat this threat, Patriotic Millionaires worked with Representatives Barbara Lee, Summer Lee, Jamaal Bowman, and Rashida Tlaib to introduce the Oppose Limitless Inequality Growth and Reverse Community Harms (OLIGARCH) Act -- a progressive tax on the ultra-wealthy.
SIGN & SEND A government that only works for the privileged few leaves us vulnerable to authoritarians and extremists who exploit economic insecurity, to the point where they can end our multiracial democracy as we know it.
Because the richest households are the largest tax evaders, the OLIGARCH Act also includes significant enforcement measures, including a requirement for at least a 30% audit rate on households covered by this tax, and establishes penalties for substantial valuation understatements.
For the ultra-wealthy, any tax automatically functions as a constraint on their wealth accumulation. That is why a tax designed solely to reduce wealth inequality, like the one proposed in the OLIGARCH Act, is the best approach.
62% of Americans -- six in ten -- say reducing the influence of money in politics needs to be a top priority for Congress and the President, and those numbers include 60% of Republicans and 65% of Democrats.3
In order to make that a reality, Congress needs to pass the OLIGARCH Act and reduce extreme, democracy-destabilizing wealth inequality.
Thank you for all you do,
-Erica
Erica Payne
Founder and President, Patriotic Millionaires1 Forbes World’s Billionaires List 2024: The Top 200
2 The wealth of the 1% just hit a record $44 trillion
3 Americans’ Top Policy Priority for 2024: Strengthening the Economy
Paid for by Patriotic Millionaires
Rose Dyson
On Apr 6, 2024, at 9:28 PM, John <john.c...@gmail.com> wrote:
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