FOR IMMEDIATE RELEASE
March 2, 2021
Contact: Sharon Goldtzvik, 202.500.6362 or Ginna Green, 510.866.5989 acre@upriseforgood.com
Action Center on Race and the Economy Endorses Sen. Warren’s Wealth Tax
Experts in Racial and Economic Justice Say A Tax On Ultra-Millionaires Is Essential For A Fair Society In Which All Can Thrive
Washington, D.C.: The Action Center on Race and the Economy (ACRE) has endorsed the Ultra-Millionaire Tax, legislation introduced yesterday by Sen. Elizabeth Warren together with Rep. Pramila Jayapal and Rep. Brendan Boyle. The Ultra-Millionaire Tax would tax the wealth of only the 75,000 households with a net worth of over $50 million. ACRE endorsed the legislation because it is a critical step toward a country where all people can thrive.
“Legislation like the wealth tax is necessary to support a true recovery from Covid-19,” said Maurice B-P Weeks, Co-Executive Director of the Action Center on Race and the Economy (ACRE). “The ultra-rich have made over a trillion dollars during the pandemic, while millions have to choose between rent and food, or the reality of not being able to afford either one. Senator Warren’s Wealth Tax bill is putting the burden of economic recovery back where it belongs.”
Weeks continued, “A tax on extreme wealth is an important and necessary step to rebalance our economy, creating $3.25 trillion in revenue over the next ten years and putting our dollars back where they belong so we can provide the services and programs necessary to meet the needs of everyday people. Racialized wealth inequality means that a handful of super-rich Americans, who are mostly white, control the vast majority of the wealth in our country and built a tax code full of loopholes to avoid paying their fair share. The Ultra-Millionaire Tax is an important step toward racial justice and a more fair economy where everyone can thrive.”
The gap between the wealthiest and poorest Americans is wider than ever. Taking race into account, it’s even more extreme: the 400 richest Americans own more wealth than all Black households plus a quarter of Latino households combined. Coronavirus and the economic crisis that followed have only made the wealth gap worse. Billionaire wealth now stands at $4.2 trillion, which is 40 percent higher than before the COVID crisis began. This is all while millions remain unemployed and families are struggling to keep a roof over their heads and food on the table.
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The Action Center on Race and the Economy (ACRE) is a campaign hub for organizations working at the intersection of racial justice and corporate accountability.
For interviews with Weeks or other ACRE experts, please contact acre@upriseforgood.com.