Will a Billionaires Wealth Tax happen?

The current proposal would not tax the top 1%, it would tax the top 0.0002%, just 700 billionaires. And force them to start paying taxes every year on at least some of their wealth, just like ordinary Americans who work for a living.

Democrats in Congress are close to finalizing a deal on the Biden Build Back Better Agenda, and they’re considering including one of the most significant tax changes in decades – the Billionaires Wealth Tax – in their reconciliation bill.

This is a pivotal week for both the Billionaires Tax and the entire Build Back Better Agenda. Many members of Congress barely knew anything about the Billionaires Wealth Tax before last week, and haven’t made up their minds on it yet – they need to hear this week from their constituents who support it.

In other states advocates are urging folks to “Please take a minute out of your day to call your Senators at 202-224-3121 and urge them to support the Billionaires Wealth Tax so that billionaires will pay taxes every year, just like working people like you.”

But with Wyden and Merkley as our Oregon Senators, that is clearly unnecessary. Instead, a “Thank you” for their sound judgement is due! We know they’ll support the Billionaires Tax. Shoot, it was Wyden’s proposal when other ideas were shot down!

This will not fix all the loopholes in the tax code designed to make the rich richer. But it is a commendable change.