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John,
In a society where the majority of citizens struggle to make ends meet there’s no reason why a small minority of billionaires should be able to accumulate wealth beyond imagination, especially without even paying their fair share of taxes.
Over the years, IRS data has shown that billionaires such as Jeff Bezos, Elon Musk, and Michael Bloomberg paid zero federal income taxes despite the growth in the value of their wealth.
That’s why President Biden has proposed the Billionaire Minimum Income Tax to ensure households worth over $100 million are paying a fairer share in taxes.
The Billionaire Minimum Income Tax is a bold and necessary measure that would require billionaires to pay a minimum income tax on their wealth, regardless of the income they report to the IRS. The proposed tax would ensure that the very wealthiest Americans are paying an effective tax rate of at least 20% on their full income each year and is estimated to raise at least $360 billion over 10 years.
Without changes like this, the burden of funding public services, such as education, healthcare, and infrastructure, disproportionately falls on the shoulders of the middle class and working poor and it shouldn’t have to be that way.
The time for change is now. Demand that Congress act swiftly and decisively to pass the Billionaire Minimum Income Tax so we can work towards a more equitable society, ensuring that everyone has a fair shot at success.
By closing tax loopholes and ensuring billionaires pay what they owe in taxes, we can generate revenue for essential public services and begin to address the income inequality that plagues our nation.
The significance of passing a Billionaire Minimum Income Tax cannot be overstated, since it would address several critical aspects of our society including:
Economic Justice: When the wealthiest individuals are held accountable and contribute equitably to society, we can create a more just system that benefits all Americans, not just the select few at the top.
Strengthening Public Services: With the additional revenue generated by the tax, we can invest in crucial public services, such as education, healthcare, and infrastructure, which will enhance the quality of life for millions of Americans. This revenue can also be used to lower costs for working families on childcare, housing, and more.
Closing the Income Gap for People of Color: Ensuring that billionaires pay their fair share can help close the income gap and provide greater opportunities for social mobility for communities of color.
We must not stand idly by as our nation's wealth continues to accumulate in the hands of a few billionaires. It is time to fight for a more equitable society, and the Billionaire Minimum Income Tax is a critical step in that direction.
Join us in demanding that Congress take action and pass the Billionaire Minimum Income Tax now.
Together, we can create a fairer and more just America for all.
- Amanda
Amanda Ford, Director
Democracy for America
Advocacy Fund
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