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Saikat Chakrabarti pledges overhaul of U.S. tax system
He said taxing assets above $50 million would help undo “decades of rigged economics” and build an economy that works for working people.
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Malvika Choudhary - Wed, 24, Dec 2025
- 15:48 EST
- 11
Saikat Chakrabarti / X (Saikat Chakrabarti)
San Francisco congressional candidate Saikat Chakrabarti said he is running for Congress to fix the broken U.S. tax system, pledging support for the Ultra-Millionaire Tax Act, which seeks to impose a wealth tax on the richest Americans.
He claimed that revenue from such measures could help fund health care, child care, and public transit, while moving the country away from what he described as a “winner-take-all economy.”
Also Read: Saikat Chakrabarti echoes Mamdani's message in SF congressional run
“For decades, the wealthy have pulled further ahead while everyone else has struggled to keep up,” Chakrabarti said, highlighting that nearly $80 trillion has been transferred from working people to the wealthy over several decades.
He attributed the shift to policies such as the weakening of labor unions, tax cuts for high earners, and Wall Street bailouts.
The Ultra-Millionaire Tax Act of 2024 was introduced in the U.S. House of Representatives as H.R. 7749 by Representative Pramila Jayapal. It proposes an annual federal wealth tax on individuals with net assets exceeding $50 million, applying a 2 percent tax on assets between $50 million and $1 billion, with higher rates on wealth above $1 billion under specified conditions.
The legislation was introduced on March 20, 2024, and has been referred to the House Committee on Ways and Means, where it remains at the introductory stage.
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