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Senator Bernie Sanders and Congressman Jimmy Gomez are introducing the 99.5 Percent Act, which would raise hundreds of billions of dollars that could be directed into the obvious human and environmental emergencies, while simultaneously preventing plutocracy.

The richest 1 percent of people in the United States own nearly 32 percent of the nation’s wealth, while the bottom 50 percent (half the country!) own just 2 percent of the wealth, according to the Federal Reserve.

The 99.5 Percent Act would tax only a fraction of the wealthiest 1 percent, and only after they were dead, only at a very reasonable rate, and taxing wealth that had mostly never been taxed as income.

Scholars have concluded that the United States is an oligarchy in which government policy is largely determined by a wealthy elite.

A growing percentage of the wealthiest and most powerful people in the United States had nothing personally to do with becoming wealthy.

Claims that fixing this with a restored estate tax would harm family farms are simply not true. Claims that preventing royal dynasties would hurt economic competitiveness are less sensible than claims that a billionaire needs another yacht, and more in line with claims that each of a billionaire's grandchildren needs multiple yachts.

The public gets it. Polling shows strong support. Now all we have to do is get Congress on board. Click here to email your Representative and Senators.

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Chuck Collins, Director of the Program on Inequality for the Institute for Policy Studies, has commented: "Over the last two decades, the estate tax has become weakened and porous, thanks to billionaire dynastic families that spent millions lobbying to save billions. This culminated with Trump’s 2017 tax reform that raised exemptions to over $22 million for a couple."

The Sanders-Gomez bill would close loopholes that allow mega-wealthy families to reduce their estate tax liability or avoid the tax altogether.

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-- The RootsAction.org Team

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Background:
>> Americans for Tax Fairness: "51 National Organizations Urge Support of the Sanders-Gomez Estate Tax Reform Bill: 'For the 99.5% Act'"
>> The Federal Reserve: "Distribution of Household Wealth in the U.S. since 1989"
>> The IRS: "Estate Tax"
>> BBC: "Study: U.S. Is an Oligarchy, Not a Democracy"

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