WASHINGTON, D.C. – The Extreme Wealth Center (EWC), a new research hub focused on the scope and consequences of extreme wealth, launched on July 14th, Bastille Day, with a virtual event co-hosted by People’s Action Institute and Americans for Tax Fairness (ATF) examining how extreme wealth concentration in modern America mirrors the conditions that sparked the French Revolution. The event featured Rep. Delia Ramirez (D-IL), EWC Founder Alan S. Davis, ATF Executive Director David Kass, People’s Action Institute Director of Strategic Initiatives Sondra Youdelman, and Americans impacted by tax policies that hurt the working class to benefit the ultra-wealthy.
Rep. Delia Ramirez (D-IL) spoke about the crushing affordability crisis and reminded attendees that just like French peasants, we have the power to demand change. Ramirez said:
“On a day like Bastille Day, a pivotal moment in history, when the French declared ‘enough, we deserve to thrive too,’ we are reminded that we can also say ‘enough, basta’ to the abuses of a government that has put the interests of billionaires and mega-corporations over their own people. […] Aided by the Republicans in Congress, [this administration] has extorted tax benefits for their billionaire bosses from the American people. And just two weeks ago, Republicans passed the GOP tax scam bill […], condemning Americans to a future of poverty, of scarcity, of sickness, of toxicity, while paying back their billionaire donors with permanent trillion dollar tax breaks.”
In a video submitted for the event, Rep. Lateefah Simon (D-CA) pointed to the urgent need for an organization like EWC, noting:
“The Extreme Wealth Center arrives at a time when inequity is no longer hidden – it’s policy. Just a couple weeks ago you all know that I voted against the latest Republican budget. It will kick 17 million people off of healthcare by 2034, it cuts nutrition assistance by over 2 million households, and it gives over $5 trillion in tax breaks to corporations and the ultra-wealthy. And this is not accidental, I want to be clear about that – it is deliberate. It’s a deliberate dismantling of the public good.”
EWC Founder Alan Davis called out the scope of extreme wealth:
“By next year there will be 300,000 households in America with wealth exceeding $50 million and their total combined wealth will be a staggering $40 trillion.”
EWC will serve as a much-needed central hub focused on extreme wealth, fostering and coordinating additional research on all things related to extreme wealth. EWC’s purpose is to fund research about the top 0.1% and the societal impacts of extreme wealth, and to educate policy makers, media, philanthropists, and the public. While tax policy is the immediate focus, the longer-term objective is to change the narrative around the ultra-rich, moving away from a culture of greed to one of shared prosperity.
This work is particularly timely, coming on the heels of Congress passing legislation that will give the wealthiest 10% of Americans an average of $12,044 annually while the poorest 10% lose $1,559 in benefits—a modern echo of the aristocratic privileges that fueled revolutionary sentiment in 1789.
About The Extreme Wealth Center
The Extreme Wealth Center is a research and education hub dedicated to examining the scope and consequences of extreme wealth concentration and advancing policies that ensure the ultra-rich pay their fair share in taxes. The Center operates in partnership with Tax the Greedy Billionaires to coordinate research and advocacy around wealth taxation. For more information, visit extremewealth.org.
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