"We have the method and the means to fund a reparations program. Only the political will is missing -Sen. Elizabeth Warren, for instance, has proposed a 2 percent annual tax on wealth over $50 million, with the rate rising to 3 percent on wealth over $1 billion. Such a proposal would generate an estimated $2.75 trillion over the next decade. -A progressive tax on inheritances over $10 million, meanwhile, would also generate substantial revenue, almost entirely from extremely wealthy families that have benefited from generations of white advantage in wealth building. -Second, we propose hefty penalties on wealthy individuals and corporations that hide their wealth offshore or in complicated trusts to avoid taxation. Part of the austerity many of our communities face is the result of the estimated 8 to 10 percent of all global wealth that’s now hidden offshore. A tax on wealth and stiffer penalties on tax dodging would have beneficial impacts on the larger economy for all workers, not just those who face racial exclusion. -A third source of financing would be to redesign existing wealth-building subsidies. The current U.S. tax code provides over $600 billion a year in tax subsidies — such as homeownership subsidies and retirement savings programs — that are skewed dramatically to the wealthiest households. Shifting these expenditures toward wealth-building programs for low-wealth people, particularly those of color, would have a monumental impact. In short, we have the method and the means to fund a reparations program. Only the political will is missing."
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H.R. 40 - Commission to Study and Develop Reparation Proposals for African-Americans Act
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