Lisa McCormick proposes to “Tax the Rich—Before It’s Too Late”

In a new policy push aimed at addressing economic inequality and tax fairness, political activist Lisa McCormick unveiled a proposal to “Tax the Rich—Before It’s Too Late,” calling for sweeping changes to the U.S. tax system and a significant restructuring of wealth accumulation in the country.

As Republicans in Congress seek to radically reduce the federal government and eliminate health case for millions of Americans to fund tax cuts for the nation’s richest one percent of people, McCormick’s plan centers on three key initiatives: capping personal wealth at $50 million, eliminating the tax exemption on unrealized capital gains, and imposing stricter accountability measures on corporations that “extract wealth without creating it.”

“While working families struggle to make ends meet, America’s billionaires are dodging taxes on a staggering scale,” said McCormick.

Citing IRS estimates, she noted that the gap between taxes owed and taxes paid exceeds $1 trillion annually.

“While working families struggle to make ends meet, America’s billionaires are dodging taxes on a staggering scale,” said McCormick. “Today, the richest 400 people in the U.S. pay a lower tax rate than nurses, teachers, and firefighters.”

She described this as “legalized theft.”

The proposal points to recent data showing that some of the wealthiest Americans pay a lower effective tax rate than middle-class workers.

McCormick highlighted examples such as Jeff Bezos, alleging that billionaires can dramatically increase their net worth without paying federal income taxes due to existing loopholes, particularly those involving unrealized capital gains—assets that have appreciated in value but haven’t been sold.

In historical context, McCormick referenced the 1950s, when the top marginal tax rate was 91%, a period she claims fostered a strong middle class and broad-based economic growth. Today, she argues, the top 1% of Americans hold more wealth than the bottom 90% combined, framing the current system as a threat not just to economic stability but to democratic governance itself.

“This isn’t about economics. It’s about power,” McCormick said. “If we don’t fight back, democracy will continue to erode while billionaires profit from our suffering.”

The proposal is likely to generate strong responses across the political spectrum. Critics of wealth taxes and similar measures argue they could stifle innovation, lead to capital flight, or be difficult to enforce. Supporters, however, view such reforms as necessary to combat rising inequality and restore public trust in the tax system.

McCormick, who has been a vocal advocate for progressive tax policies in previous campaigns, has not yet outlined a legislative path for her proposal, but she says urgent action is needed to “rebalance the scales before irreversible damage is done.”