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Wealth inequality in America, in Pennsylvania, and in our region has been growing strikingly since the late 1970s. And wealth inequality continues to increase during the pandemic. The dramatic rise in wealth inequality threatens economic growth, reduces the tax revenues needed to fund vital public institutions, and undermines our democracy.
To counter wealth inequality and to raise the revenue needed to fund programs that support the well-being of working people in our city, we call for the reinstitution of a wealth tax of 4 mill or .4% of the value of intangible wealth in Philadelphia. We estimate that this tax would raise more than $200 million per year in revenues for the city, which would provide the funds necessary to create and / or expand programs that would enable us to break down the barriers of class, race, and gender that stand in the way of opportunity for so many of our fellow Philadelphians. Doing that—as well as supplying public amenities that the city cannot now afford—would also make our city a better place for everyone to live.