Tax Reform That Works for Working People — Not Just Billionaires

Our tax system is broken—and it’s failing the people it was meant to serve. While everyday Americans are working longer hours and still struggling to make ends meet, the ultra-wealthy and large corporations are paying a smaller share of taxes than they have in generations.

Let’s be clear: taxes for the richest Americans are at historic lows. In the 1950s, the top marginal tax rate was over 90%. Today, it’s just 37%. And while high earners and billionaires have seen their taxes drop dramatically, middle-class families have seen little to no meaningful relief. This isn't accidental—it's the result of decades of tax policy written to favor those at the very top.

This erosion of our tax base has helped fuel record wealth inequality, gutted public investment in our schools and infrastructure, and created a two-tiered economy where the rules work for the few and leave the rest behind.

It's time for a new approach—one that restores fairness, closes loopholes, and prioritizes working families.

My Plan for Fair and Responsible Tax Reform

Ensure the Ultra-Wealthy Pay Their Fair Share

In 2018, America’s top billionaires paid just 23% of their income in taxes—a lower effective rate than many working-class families. In the 1960s, the richest 400 Americans paid more than 50% of their income in taxes. We must return to a more equitable system.

• Introduce a new billionaire tax:

  • A 10% tax on net worth over $1 billion

  • A 25% tax on net worth above $100 billion

• This would affect fewer than 1,000 people—and could generate hundreds of billions in new revenue to invest in schools, clean energy, and local communities

Cut Taxes for the Middle Class and Working Families

• No new taxes on families earning less than $400,000/year

• Tax relief for individuals and families earning under $250,000/year

• Expand the Child Tax Credit and Earned Income Tax Credit

Rebalance the Corporate Tax Code

• Raise the corporate tax rate to 25%, up from 21%

• End government subsidies for massive corporations that pay poverty wages and rely on taxpayers to cover food, housing, and healthcare for their workers

• Close loopholes that let corporations write off private jets and executive perks while paying $0 in federal taxes

Why It Matters

This isn’t about punishing success. It’s about restoring balance and ensuring that those who have benefited the most from our economy contribute back to the system that made their success possible.

When billionaires pay less in taxes than bus drivers, and corporations post record profits while their workers qualify for food stamps—that’s not freedom or fairness. That’s a rigged system.

It’s time to rewrite the tax code to work for working Americans—not just the wealthy few.