Blog Post: If we want to renew democracy, we need to tax the ultra-wealthy
Sen. Warren and Rep. Jayapal’s Ultra-Millionaire Tax Act of 2021 could not be a more timely reminder that the United States needs serious policy changes to address massive wealth and income inequality. Wall Street is the second-largest source of billionaire wealth, after the technology industry. While 8 million Americans slipped into poverty and half a million lives were lost to COVID-19 since the beginning of the pandemic — all with a disproportionately large impact on communities of color — the wealth of U.S. billionaires almost doubled, up $1.3 trillion.