Solution: Free Child Care for all Americans Paid for by a 2% Tax on Billionaires.

The Reason: The average American family with two children spends $28,000 a year on child care. Many single parents pay 35% of their pay for child care. In most modern countries, child care is free or close to it.

How it Works: Because of complicated loopholes that reduces what the IRS regards as income, most billionaires pay a lower percentage of their actual income in taxes than school janitors or teachers, who struggle to pay child care costs.

Meanwhile, the assets of America’s 989 billionaires increased by more than 20% last year. If Congress passed a law to tax these 989 billionaires 2% of the value of their assets, it would raise more than $170 billion, which is the amount that every American family spends on child care each year.

With this simple tax on 989 billionaires, the federal government could pay for free child care for every American, without raising the deficit.

It would be a huge boon to the American economy, because it would free up money for tens of millions of Americans to spend on vacations, better cars, education, and many, many things they can’t afford today.