It is no secret that the public education system in the United States is chronically underfunded, impacting areas like access to technology, teacher salaries and mental health services. Despite global investment in school technology, many schools lack basic resources that are now deemed essential for learning. Teacher shortages result in overcrowded classrooms and a focus on standardized testing rather than comprehensive education. Schools across America struggle to provide adequate mental health support which effects students mentally and physically.
The effective tax rates of billionaires are significantly lower than those paid by average Americans. The ultra-rich primarily benefit from favorable tax rates on long-term investments, while middle and lower-income individuals face higher tax rates on their earned income. This disparity has led many to believe that big businesses and wealthy individuals are not contributing their fair share in taxes. A simple solution? Taxing the super-rich.
What would happen if we could just tap a small portion of the monthly incomes from these ultra-rich families? By applying a modest, upward-scaling percentage to the annual incomes of the top 1%, 0.1%, and 0.01% of earners, we could significantly boost school funding. To give you a clearer picture, take a look at the formula below. It illustrates how even a small percentage can translate into substantial contributions that could revolutionize education funding.
This idea isn’t about shaking down billionaires or making them the bad guys. We're only adjusting the imbalance in our tax system. We are not taking away wealth but rather redistributing it so that it benefits all 345 million Americans versus just 1.7 million of them.