The United States has created economic policies that benefit billionaires and corporations at the expense of middle class Americans. This economic structure has created a society where a few unbelievably wealthy individuals hoard vast quantities of wealth, sometimes more wealth than entire nations. Meanwhile, working Americans struggle to pay their exorbitant healthcare bills, housing, and debt.
Right now, if a minimum-wage employee works 40 hours a week for $7.25 an hour, they will make $15,080 a year. Basic necessities like food and housing often exceed this cost, and as a result, many individuals work multiple jobs. Solomon supports a $15 minimum wage because he believes that one job should generate a livable income.
Additionally, Solomon supports making corporations pay their fair share. Amazon paid $0 in federal income tax in 2018. Because of Donald Trump’s economic policies, corporate tax breaks were reduced from 35% to 21%. Solomon would advocate to roll back the corporate tax breaks passed during Donald Trump’s administration and restore the corporate tax rate to 35%.
Solomon supports a wealth tax on the top 0.1% of Americans. For married couples, the wealth tax would start at 1% on taxes $35 million and would gradually increase up to 8% for wealth over $10 billion.