Here at Philanthropy Women, we are primarily concerned with how gender equality movements are being cultivated through charitable giving. However, we occasionally like to step out of our silo and bring in news about how gender equality can be fostered through our collective distribution systems known as governments.
Which is why, today, we want to talk about Elizabeth Warren’s proposed ‘Wealth Tax’. According to Nancy L. Cohen, author, historian and thought leader on gender and American politics, “Warren’s wealth tax would be a massive investment in gender equity.”
“Senator Warren’s proposed wealth tax is a massive investment in gender equality – and if enacted, would be a gamechanger for women and girls across the US,” said Cohen, further describing the tax plan as a “bold investments in universal childcare and early education” that would “raise wages for childcare workers” and “unleash the potential of American women – increasing workforce participation and helping to close the gender wage gap.”
Whoever our next President is, they will need to contend with a growing gender equality movement that is being fueled by a new $1 billion commitment from Melinda Gates, and possibly similar commitments from other big names in philanthropy who feel compelled follow suit, in order to combat one of the most prevalent forms of discrimination in our country — gender discrimination.
“On the campaign trail, Warren frequently says ‘show me your budget and I’ll know your values,'” added Cohen. “Warren’s wealth tax makes it clear that she views women’s opportunity and equality as a top priority” and considers it “core to addressing the scourge of income inequality.”
“Democrats would be smart to get behind this bold, feminist policy,” advised Cohen.
Elizabeth Warren is now one of Democratic candidates leading in the polls for the 2020 Presidential election, and she has made her wealth tax central to her bid for the Presidential post. In a recent debate between the Democratic candidates, she said, “My question is not, ‘why do Bernie and I support a wealth tax?’ It’s: ‘Why is it that everyone on this stage thinks it is more important to protect billionaires than it is to invest in an entire generation of Americans?'”
The Washington Post reports that, “Warren’s plan calls for levying a 2 percent tax on wealth above $50 million, as well as a 3 percent tax on wealth above $1 billion. She has said it would raise about $2.75 trillion over 10 years, although some economists give lower estimates. Warren said she would use that money to provide universal childcare to every child age 0-5, universal pre-K, raise wages for childcare and preschool workers, as well as provide universal tuition-free public college and invest in HBCUs.”