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The Justice Collaborative Institute today released a new report proposing a one-time wealth tax to help the United States tackle the coronavirus crisis. The report, authored by Yale Law’s Professor Daniel Markovits, suggests assessing a five percent tax on the wealthiest five percent of Americans, which would result in $2 trillion in revenue for the US.
The report also highlights polling from Data for Progress finding that 66 percent of likely voters favor a wealth tax—with 40% of people strongly in favor of the tax. While 21 percent opposed the one-time tax in total, just 9 percent were strongly opposed.
“What’s remarkable is how this idea has brought Americans together,” said Markovits. “A majority of Democrats and Republicans alike support this proposal that will ensure we all do our part to fight the coronavirus.” Democrats favored the tax by a ratio of 6:1, Independents by a ratio of nearly 3:1; and Republicans favored the tax by a ratio of 2:1.
Sixty percent of respondents—including 54 percent of Republicans—agree that essential workers are doing their fair share, and that wealthy Americans should do the same by paying a wealth tax. These likely voters are also thinking about the long term: Sixty-three percent agree that a wealth tax is a good first step towards a fairer economy.
The full report available here.
The Justice Collaborative Institute is a coalition of justice reform scholars from across the nation focused on providing an academic perspective to conversations and work surrounding mass incarceration and related issues.