Support of the Ultra-Millionaire Tax Act of 2021

During the last several decades, the US government has implemented a number of critical laws and policies to support the nation and introduce equal and fair living conditions. While some steps have been frequently criticized, there are many attempts that have been positively accepted and approved. In 2021, the representative of the Democratic Party, Elizabeth Warren, together with Pramila Jayapal and Brendan Boyle, proposed the Ultra-Millionaire Tax Act. The goal of the offered bill is to amend the Internal Revenues Code of 1986 and impose taxes on the net value of assets of taxpayers (S. 510, 2021). Although some individuals find this idea rather provocative, several arguments create a strong background for the US Congress to support it. The Ultra-Millionaire Tax Act should be passed to combat evident inequality in American society, improve childcare and healthcare reforms, and create fair living opportunities for all citizens.

One of the main reasons for Congress to support the implementation of the Ultra-Millionaire Tax Act is to eliminate the conditions that promote social inequality in the United States. According to Warren and Jayapal, the number of ultra-rich individuals who own diamonds, yachts, and stock portfolios has statistically increased by 44% ($1.3 trillion) since the COVID-19 pandemic (as cited in Walsh, 2021). Senator Walsh and her colleagues admit the necessity to impose an annual wealth tax of 3-6% on 0.5% of all rich Americans (Pilla, 2021). Instead of supporting and hiding the wealth of rich people, it is high time to promote equality and allow all citizens to earn and improve life quality.

Another interesting outcome of the reform is its potential impact on infrastructure and care services. The pandemic has already challenged low-income families, whose members could not pay for treatment and get the necessary medications and care (Wasson, 2021). Democrats believe that the Ultra-Millionaire Tax Act would help cover care and education costs and create the required investment conditions through the prism of a “fairer” economy (Wasson, 2021). The government and many ordinary citizens realize that the ultra-rich do not lose much if they try to improve American care with their taxes. Their share in promoting equal and obligatory care services is a unique chance to prove the worth of charity today.

Finally, the Ultra-Millionaire Tax Act seems to be a good way to create fair living conditions for all Americans. The supporters of the policy underline that it is high time for all US citizens to pay their fair share (as cited in Sheffey, 2021). There is no need to compare what people can or cannot do, but their incomes introduce different options to pay taxes and cover their earnings. Thus, if a person is able to earn more from the country, there is a possibility to give more to this country. Honest living does not contradict some legal issues, but the fact that the current system is rigged to maintain the wealth of rich people is evident (Dore, 2022). Democracy, equality, and fairness in interpersonal relationships introduce the core of the American Dream.

In general, the US Congress should pass the Ultra-Millionaire Tax Act as soon as possible to demonstrate its intention to support all citizens. There are many problems related to health care, education, income, and opportunities. While the government cannot help each family personally, the contribution to equal living is a step that should be taken. Addressing the offered bill, the removal of excessive inequality, the improvement of healthcare services, and the establishment of fair living conditions will be statistically and emotionally observed.

References

Dore, K. (2022). There’s a growing interest in wealth taxes on the super-rich. Here’s why it hasn’t happened. CNBC. Web.

Pilla, D. J. (2021). Like the IRS? Then you’ll love Elizabeth Warren’s new tax bill. National Review. Web.

S. 510 – Ultra-millionaire tax act of 2021. Congress.gov. Web.

Sheffey, A. (2021). Democrats unveil an ultramillionaire tax on the top 0.05% of American households. Insider. Web.

Walsh, J. (2021). Is a tax on ‘ultra-millionaires’ the answer to massive inequality? The Nation. Web.

Wasson, E. (2021). Elizabeth Warren says wealth tax could help pay for infrastructure, health. Bloomberg. Web.