It is time for the ultra-wealthy and large corporations to contribute more to this country. This is not only a matter of fairness—it is an economic and moral imperative.

The United States now carries nearly $40 trillion in national debt—roughly $115,000 per citizen. Nearly 20% of the federal budget is consumed by interest payments alone—over $600 billion annually that could be used instead to strengthen the quality of life for working Americans and ensure our seniors do not have to worry about constant threats to Medicare and Social Security. This trajectory is clearly unsustainable. Passing this burden to future generations is not just irresponsible—it is simply unethical.

Proposals to reduce Social Security, Medicare, Medicaid, and other essential safety net programs are fundamentally misguided. Asking working families and vulnerable populations to shoulder the cost of fiscal repair, while shielding those who have benefited the most, is neither just nor economically sound.

The reality is clear: wealth in America is highly concentrated. The top 10% of households hold approximately 70% of the nation’s wealth, while the bottom 50% hold just 2.5%. The top 1% alone controls more than 30%. Over the past two decades, more than 80% of tax cuts have disproportionately benefited the wealthiest Americans.  The pot has begun to boil, and it’s time for the frog to jump out or perish. 

This concentration of wealth did not occur in a vacuum. It developed alongside our rising national debt, public investment, tax cuts, and economic policies that enabled extraordinary wealth accumulation by a very few. In other words, those who have benefited the most from this system must play a leading role in restoring our fiscal balance.

To that end, one of my first pieces of legislation in Congress that I introduce will be the National Debt Responsibility Act, which includes the following key provisions:

• A progressive increase in the marginal income tax rates for wealthy Americans, up to 40% for top wealth earners, including on large intergenerational wealth transfers

• A progressive wealth tax starting at 5% on net worth above $50 million, rising to 10% for the wealthiest individuals

• Estate tax reform, lowering the exemption to $2.5 million, with rates beginning at 15% and rising to 40%

• A financial transaction tax to ensure Wall Street contributes fairly:

  • 0.5% on stock trades

  • 0.1% on bond trades

  • 0.005% on derivatives

• Closing major tax avoidance loopholes, including:

  • Eliminating strategies used to bypass estate and inheritance taxes

  • Ending the “step-up in basis” for inherited assets

  • Addressing “buy, borrow, die” strategies by treating borrowing against appreciated assets as a taxable event

  • Preventing the misclassification of self-employment income to avoid payroll taxes (FICA/SECA) that stress the fiscal viability of safety net programs

• Corporate tax reform, restoring the statutory rate to 35% and ensuring the effective rate reflects it by closing loopholes

• Strengthening global minimum tax rules (GILTI) to prevent profit shifting and offshore tax avoidance by multinational corporations.

This is about responsibility, sustainability, and fairness. Working Americans should not be asked to sacrifice their security while the wealthiest continue to benefit from a system that no longer asks enough of them.

If we are serious about addressing our national debt and strengthening our economy, then we must be equally serious about who bears that responsibility.