Major Provisions of "Share The Wealth"
The key planks of the Share The Wealth platform included:
- No person would be allowed to accumulate a personal net worth of more than 300 times the average family fortune, which would limit personal assets to between $5 million and $8 million. A graduated capital levy tax would be assessed on all persons with a net worth exceeding $1 million.
- Annual incomes would be limited to $1 million and inheritances would be capped at $5 million.
- Every family was to be furnished with a homestead allowance of not less than one-third the average family wealth of the country. Every family was to be guaranteed an annual family income of at least $2,000 to $2,500, or not less than one-third of the average annual family income in the United States. Yearly income, however, cannot exceed more than 300 times the size of the average family income.
- An old-age pension would be made available for all persons over 60.
- To balance agricultural production, the government would preserve/store surplus goods, abolishing the practice of destroying surplus food and other necessities due to lack of purchasing power.
- Veterans would be paid what they were owed (a pension and healthcare benefits).
- Free education and training for all students to have equal opportunities in all schools, colleges, universities, and other institutions for training in the professions and vocations of life.
- The raising of revenue and taxes for the support of this program was to come from the reduction of swollen fortunes from the top, as well as for the support of public works to give employment whenever there may be any slackening necessary in private enterprise.
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—Ralph Waldo Emerson (1803–1882)