Advocating a Thomas Paine–Inspired Wealth Tax to Curb Oligarchy
Authors Vanessa Williamson and Jeremy Bearer-Friend advocate for a Thomas Paine–inspired wealth tax featuring a 100% top marginal rate as a measure to curb oligarchy. Paine originally proposed taxing annual wealth returns—measured by yearly value—with highly progressive brackets, where the top rate would apply to returns exceeding approximately $49 million (in 2020 dollars). Under this plan, the first roughly $100,000 of annual wealth returns would be tax-free.
The authors emphasize the connection between wealth concentration and the threat it poses to republican government, referencing the founders’ views on limiting property to preserve political equality. A key advantage they highlight is that this tax would automatically capture future windfalls without the need for new legislation after enactment.
The article notes that modern proposals such as Elizabeth Warren’s Ultra-Millionaire Tax and Bernie Sanders’ Tax on Extreme Wealth share the goals of Paine’s plan. Data cited include the observation that after the 2024 election, the 10 richest individuals gained about $64 billion. Under Paine’s tax framework, Bezos would have been liable for approximately $56 billion in 2021, and Musk for about $125 billion. By contrast, today’s top 25 billionaires face an effective tax rate of only 3.4%.
Historically, Paine and other early American figures argued for limits on wealth as a means to protect political liberty. Current ongoing concerns link high campaign finance costs and wide wealth gaps to the influence on policy outcomes.
