Tax Extreme Wealth Now
The United States has no recurring tax on accumulated wealth — only on income earned or gains realized. As a result, ultra-high-net-worth individuals can see their fortunes grow by billions of dollars in a single year while facing effective tax rates far lower than those paid by wage earners. The Institute on Taxation and Economic Policy (ITEP) estimates that wealth-derived proceeds face effective federal rates roughly 40% lower than earned income, a structural imbalance that widens inequality over time.
Proposals like Sen. Elizabeth Warren's Ultra-Millionaire Tax Act would impose an annual 2% levy on individual net worth above $50 million, rising to 6% on net worth above $1 billion. A GDP-linked threshold variant would tie the exemption floor to a fixed share of U.S. GDP, automatically scaling the tax to the size of the economy and preventing bracket creep or threshold erosion over time. The EU Tax Observatory's 2024 blueprint similarly proposes a 2% minimum effective tax on individuals with more than $1 billion in wealth, reflecting growing international consensus around the concept.
Constituents are urging their federal legislators to support and advance annual wealth tax legislation — whether the Ultra-Millionaire Tax Act or a comparable GDP-linked proposal — that imposes a recurring percentage levy on net worth above an ultra-high threshold. The ask is straightforward: co-sponsor or vote in favor of legislation that ensures extreme concentrations of private wealth are subject to a meaningful, recurring federal tax obligation.
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Live Call Script
Hello, I am an assistant calling on behalf of a constituent, {{first_name}} {{last_name}} from {{city}}, {{state}} zip code {{zip_code}}. The constituent is calling to urge {{representative_name}} to support and co-sponsor federal annual wealth tax legislation — such as the Ultra-Millionaire Tax Act or a comparable GDP-linked wealth tax proposal. Currently, there is no recurring federal tax on accumulated wealth. Ultra-high-net-worth individuals can grow their fortunes by billions annually while facing effective tax rates far below those paid by ordinary wage earners. ITEP research shows wealth-derived income faces effective federal rates roughly 40% lower than earned income. Proposals like Sen. Warren's Ultra-Millionaire Tax would levy a 2% annual tax on net worth above $50 million and 6% above $1 billion. A GDP-linked threshold would tie the exemption floor to the size of the economy, ensuring the tax remains proportionate over time. The constituent respectfully asks {{representative_name}} to: 1. Co-sponsor or publicly support annual wealth tax legislation in the current Congress. 2. Advocate for its inclusion in any upcoming tax or budget reconciliation package. 3. Oppose any amendments that would weaken or eliminate the recurring nature of the tax. This is a matter of basic tax fairness — ensuring that extreme concentrations of wealth bear a proportionate federal obligation. The constituent thanks {{representative_name}} for their time and attention.
Voicemail Version
I am calling on behalf of {{first_name}} {{last_name}}, a constituent from {{city}}, {{state}} {{zip_code}}. The constituent is calling to urge {{representative_name}} to co-sponsor and support federal annual wealth tax legislation — such as the Ultra-Millionaire Tax Act or a GDP-linked equivalent — that imposes a recurring levy on individual net worth above an ultra-high threshold. Currently, no recurring federal tax applies to accumulated wealth, allowing extreme fortunes to grow at effective rates far below those paid by wage earners. The constituent asks {{representative_name}} to champion this legislation in the current Congress and to support its inclusion in any upcoming tax or budget package. You may contact me at {{phone_number}} to discuss further.