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John,
The latest Americans for Tax Fairness report shows that billionaire wealth has grown by an astounding 78%―or $2.3 trillion―since the Trump-GOP tax scam took effect in 2018. This brings America’s 741 billionaires’ fortunes to a record $5.2 trillion.[1]
What can we do about this runaway billionaire wealth that has resulted in the richest 1% now owning roughly one-third of all U.S. wealth, while the bottom half of Americans own just 2.5%?[2]
Today, Senator Ron Wyden―chair of the Senate Finance Committee―and 15 of his Senate colleagues introduced the Billionaires Income Tax, which would ensure that America’s ultra-wealthy pay taxes each year on their largest source of income: the growth of the value of their investments.
Add your name now as a grassroots co-sponsor of the Billionaires Income Tax to demand that America’s billionaires pay their fair share of taxes each year on all of their wealth gains, just like working people do on their wages.
This bill would apply to taxpayers whose net worth either exceeds $1 billion or whose income exceeds $100 million for three consecutive years. It would be applied annually to the increased value of easily priced assets like stocks, and to the increased value of harder to price assets like private businesses when they are sold.
According to the Joint Committee on Taxation, the Billionaires Income Tax would raise $557 billion over 10 years, allowing us to invest in working people and lower costs on everything from healthcare to energy to housing.[3]
Join Americans for Tax Fairness Action Fund and our allies in demanding Congress pass the Billionaires Income Tax. Add your name as a grassroots co-sponsor today!
Together, we’re working to level the playing field for working people, and that starts with America’s 741 billionaires paying income taxes every year, just like working people do.
Thank you for taking action today,
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] U.S. BILLIONAIRES NOW WORTH A RECORD $5.2 TRILLION
[2] https://twitter.com/JStein_WaPo/status/1725228522040406193
[3] Wyden Statement on Billionaires Income Tax Score
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