Rep. Gomez Introduces the For the 99.8% Act to Address America's Wealth Gap

Statement

Today, Congressman Jimmy Gomez (CA-34) introduced legislation to enact a progressive tax on the estates of the wealthiest Americans.

The For the 99.8% Act -- modeled after legislation introduced by Senator Bernie Sanders -- ensures that the 0.2 percent of estates that are worth over $3.5 million will finally begin paying their fair share of taxes. In addition to allowing the other 99.8 percent of estates to pass along inheritances tax-free, this legislation also closes tax loopholes that have allowed billionaire families to avoid paying their fair share of taxes when passing their fortunes from one generation to the next. Under the For the 99.8% Act, the families of all 588 billionaires in America would owe up to $2.2 trillion in estate taxes, amounting to revenue that can be used to address critical needs for working families and the most vulnerable among us.

"The ever-widening gap between the ultra-rich and the rest of us has reached alarming proportions and demands a strong legislative response," said Congressman Gomez. "No longer can we allow this structural power imbalance -- one where the billionaire-class hoards the very wealth working families helped to create -- define our nation's values and priorities. Through my legislation -- the For the 99.8% Act -- we can take a progressive step forward in addressing our country's rapidly increasing wealth inequality by strengthening the estate tax and ensuring the wealthiest among us pay their fair share. I'd like to thank Senator Bernie Sanders for joining me in our shared mission to level the economic playing field for the working-class and transform our economy into one that works for every American."

"We are facing levels of inequality not seen since the Gilded Age of the robber barons, where the top one-tenth of one percent owns about as much wealth as the bottom 90 percent," said Senator Bernie Sanders. "The richest 400 billionaires pay lower taxes than everyone else. In my view, this obscene inequality in wealth and political power is not compatible with a democratic society. I am proud that Representative Gomez is leading three dozen members of the House in introducing the For The 99.8% Act to tax today's dynasty trusts and curb their power, while raising trillions of dollars for the essential programs we need as a country."

"If we are going to create an economy that works for all of us, not just the wealthy few, America needs to create a fair share tax system," said Frank Clemente, Executive Director for Americans for Tax Fairness. "The For the 99.8% Act is a critical step towards that goal. It will raise well over $300 billion that can be used to help people afford healthcare, improve our schools and rebuild crumbling infrastructure across the country. It's high-time the wealthy and their multi-million-dollar estates start paying their fair share."

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