For the first time last year, new billionaires made more of their wealth from inheritance than from entrepreneurship, according to a new report from investment banking firm UBS. In addition, more than 1,000 billionaires are expected to pass $5.2 trillion to their children over the next 20 to 30 years.
That is a massive transfer of wealth into the hands of very few people -- and most of that wealth will not be taxed.
As your constituent, I am urging you to pass Sen. Bernie Sanders and Rep. Jimmy Gomez’s “For the 99.5% Act,” (S. 1178 / H.R. 2676) which would reform the estate tax, close loopholes, and implement a progressive tax on inheritances over $3.5 million.
When too much wealth and power is concentrated in the hands of so few people, our economy and democracy are threatened. In order to reduce wealth inequality and preserve our democracy, we must institute a progressive estate tax on the inherited wealth of multimillionaires and billionaires.
For the sake of our democracy, please pass the “For the 99.5% Act” today.
First sent on December 13, 2023 by Jess Craven
