Senator Elizabeth Warren and Representatives Pramila Jayapal and Brendan Boyle have just introduced the Ultra-Millionaire Tax Act of 2024, which would apply a 2% tax on the wealth of households and trusts worth between $50 million and $1 billion and a 3% tax on fortunes exceeding $1 billion―the wealthiest 0.05% of Americans, or 100,000 households.

It would also provide the IRS with an additional $100 billion in resources to adequately enforce this new tax, and mandate that at least 30% of these ultra-wealthy households be audited every year. That’s the only way to ensure the nation’s very richest households don’t get away with cheating on their taxes.

The bill would bring in at least $3 trillion in revenue over 10 years without raising taxes on the 99.95% of households with net worths under $50 million. That’s $3 trillion we could use to invest in public services for working families.

The collective wealth of America’s 741 billionaires grew to $5.2 trillion―an increase of 78%, or $2.3 trillion―just over the first five years of the Trump-GOP tax scam. And, billionaires used that massive untaxed wealth to spend a record $1 billion in the 2022 midterm elections to further rig our economy and elect mostly right-wing candidates who agree with their vision for America: limited taxes for the wealthy and limited rights for everyone else. We need policies that constrain the outrageous fortunes of billionaires and ultra-millionaires and invest those resources in services for working people.

As recently as 2020, 400 of the richest Americans―almost exclusively white―held more wealth than all 10 million Black U.S. households combined. So demanding more from billionaires is an issue of racial justice.

Because Congressional Republicans systematically gutted the IRS budget between 2010 and 2020, the audits of millionaires and billionaires dropped by 92%. Senator Warren’s bill would provide the IRS with the funding needed to crack down on ultra-wealthy tax cheats.

The Ultra-Millionaire Tax Act is a critical tool for addressing our nation’s destabilizing wealth gap, particularly helping low-income Black, Latino, and Native households.

Add your name as a grassroots co-sponsor of Senator Elizabeth Warren’s Ultra-Millionaire Tax Act to unrig our tax code and require the very wealthiest households to pay their fair share.