Source: United States House of Representatives – Congresswoman Pramila Jayapal (7th District of Washington)
WASHINGTON, D.C. – Today, Congresswoman Rashida Tlaib (MI-12), alongside Congresswoman Pramila Jayapal (WA-07), Congresswoman Delia C. Ramirez (IL-03), and Our Revolution introduced the Defund the Oligarchs, Fund the People Resolution demanding Congress moves with urgency to tax the rich and massive corporations and reinvest in the needs of working people to defend democracy from authoritarianism.
The legislation calls for an end to the political and economic dominance of billionaire oligarchs. The combined wealth of America’s 900 billionaires exceeds that of the 67 million people in the poorest 50% of the population. As wealth concentrates, our democracy becomes less responsive to the needs of everyday people, and necessities like housing and health care have become unaffordable. Campaign contributions allow ultra-rich oligarchs and corporations to purchase influence, winning tax breaks for the oil and gas industry, unrestricted development of artificial intelligence, and industry-friendly crypto legislation. Instead of addressing the affordability crisis or stagnant wages, President Trump has spent the last year enriching himself and his family, while providing staggering returns to ultrawealthy donors, including by enacting massive tax cuts for the rich while slashing benefits for the poor and working class.
“Trump promised to lower costs for families on day one, but a year since he took office, grocery, housing, and health care costs are out of control,” said Congresswoman Rashida Tlaib. “He signed into law the largest cuts to health care and food assistance in the history of our country, all to give trillions of dollars in tax breaks to his rich donors and their massive corporations. Meanwhile, 60% of Americans are living paycheck to paycheck and CEOs are making 281 times more than their average worker. It’s time to tax the rich, defund the oligarchy, and invest those funds in the needs of working families.”
“While working families have to choose between paying rent, buying groceries, or keeping the heat on, billionaires are just getting richer,” said Congresswoman Pramila Jayapal. “We must rein in corporate power by breaking up monopolies and reforming campaign finance laws. It’s time to make billionaires pay their fair share of taxes and reinvest those funds to provide for our communities — housing, health care, and education. Our resolution calls for a political and economic system that benefits working families, not one that enriches the ultra wealthy.”
“At a time when working families are facing a crushing affordability crisis, our hard-earned tax dollars should not be used to terrorize our communities, fund violations of our rights, or hand out subsidies to the ultra-wealthy and corporations that profit from our suffering. Congress can choose to end it,” said Congresswoman Delia C. Ramirez. “I am proud to join Congresswoman Tlaib and Congresswoman Jayapal as a co-lead of the Defund the Oligarchs, Fund the People Resolution because I value working people, our democracy, and our civil rights and liberties. It is time we use our resources to ensure working people have every single thing they need to thrive, from living wages to affordable housing to universal healthcare, and so much more!”
“Every dollar that gets plundered by billionaires through tax breaks, corporate giveaways, and political favoritism is a dollar that is taken away from healthcare, housing, education, and good jobs. That is not just corruption, it is a betrayal of who government is supposed to serve, and it is why so many people feel that democracy is not working for them,” said Joseph Geevarghese, Executive Director of Our Revolution. “The truth is, none of the policies working families are fighting for can ever fully materialize as long as corporate money and billionaire influence are writing the rules. Lawmakers cannot keep pretending to serve both the corporate class and working families at the same time. If we want real progress on wages, healthcare, housing, and climate, cutting off corporate corruption and reinvesting in our communities has to be part of how we govern, not just something we talk about during elections.”
Concentrated wealth has captured our economy and political system. Ultimately, a truly democratic society requires a democratic economy, where power derived from ownership and control over economic resources is widely distributed and democratically accountable. Instead of cultivating corporate control, Congress must invest in the needs of working people and build an economy that supports democracy instead of undermining it.
Congresswoman Summer Lee (PA-12) also joins this resolution as an original cosponsor.
This legislation is endorsed by Our Revolution, Americans for Tax Fairness, Climate and Community Institute, Demos, Detroit Justice Center, Income Movement, MoveOn, National Nurses United, Patriotic Millionaires, People’s Action, Public Citizen, RootsAction, Social Security Works, Tax the Greedy Billionaires, United for Respect, and Wellbeing Economy Alliance (WEAll).
A copy of the legislation is available here.
Issues: Government Reform & Ethics