From Oregon Senator Ron Wyden
America has two tax codes: one for workers who pay taxes out of every paycheck and one for the ultra-wealthy who cheat the system to pay what they want, when they want and sometimes nothing at all. In fact, the average family worth more than $100 million has never paid taxes on more than half of their wealth.
Our broken tax code allows millionaires and billionaires to use largely untaxed assets to build their wealth even more without ever paying what they owe. Working families, on the other hand, struggle to save after paying their mortgage, buying groceries or making their student loan payments. By letting the rich play by a different set of rules, the deck is stacked against working families.
I have a plan to change that. My proposal would create one tax code by treating wealth the same as wages. The wealthiest Americans would finally have to pay their fair share and pay it on time while the middle class would see no increase in their taxes.
The extra revenue created by making the wealthy pay what they owe would be invested into Social Security to safeguard these critical hard-earned benefits for future generations. By simply requiring the most fortunate to pay taxes on income generated by their wealth – just like cops, nurses and factory workers already do – we would generate enough revenue to protect Social Security for decades to come. Over the past 30 years, Social Security has been robbed of more than $1 trillion due to growing income inequality, but creating a fair tax code would combat that trend.
It’s time to treat wealth like wages and safeguard Social Security for generations to come, and my plan is the way to do it.
Sen. Ron Wyden