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John,
Billionaires may have massive egos, but a cage match? That’s exactly what the richest man in the world, Elon Musk, is proposing against his fellow billionaire, Facebook founder Mark Zuckerberg.[1]
But don’t let this Battle of the Billionaires distract you from the real fight: The fight to tax billionaire wealth!
With every paycheck, working people pay their fair share of taxes, but billionaires can go years without paying a dime in federal income tax on their wealth gains. That’s because unlike income from work, investment income isn’t taxed until the investment is sold.
That’s why we’re fighting for a Billionaire Minimum Income Tax, which would ensure every household worth over $100 million would pay at least a 25% tax on their gains each year.[2]
During the pandemic, America’s 700+ billionaires saw their wealth soar by over half, or $1.7 trillion.[3] At the same time, Americans for Tax Fairness research shows that billionaires are translating their economic power into political clout, pumping more than $1 billion into the most recent midterm election, mostly to elect far-right candidates who support their world view of minimal taxes on the rich and minimal rights for everyone else.[4]
Together, let’s hold billionaires accountable and demand Congress pass a Billionaire Minimum Income Tax. Donate today to help bring our latest infographic, below, to people across the country and demand that billionaires stop distracting from the real fight: Making billionaires pay their fair share in taxes.
A Billionaire Minimum Income Tax would raise more than $400 billion in new revenue, which could be used to lower costs for working people on everything from healthcare to housing to education.
It could help us better address the climate crisis, creating new jobs in a new green economy. Or it could be used to help restore the expanded Child Tax Credit, which cut child poverty nearly in half during the pandemic.
Don’t let the American people be distracted by billionaires stroking their egos with phony grudge matches in steel cages. Let’s instead remind voters that the real fight is over making billionaires finally pay their fair share in taxes. Pitch in today!
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Together, we’re fighting for a Billionaire Minimum Income Tax to hold billionaires accountable and to invest in working families and our future.
Thank you,
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] “Why in the world are Elon and Zuck planning to punch each other?,” Vox, June 23, 2023
[2] https://billionairestax.org/the-plans/
[3] https://twitter.com/4TaxFairness/status/1656777036743032833
[4] “Billionaire spending topped $1 billion for the first time in the 2022 elections,” Americans for Tax Fairness, May 15, 2023
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