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John,
America’s 741 billionaires are now collectively worth an eye-popping $5.2 trillion.[1] That means a group that could comfortably fit in a high school cafeteria now hoards more wealth than half of the country.
What can we do about these runaway fortunes that are the ultimate symbols of wealth inequality and that starve the federal government of the resources needed to invest in working people?
This week, Senator Ron Wyden―chair of the Senate Finance Committee―and 15 of his Senate colleagues introduced the Billionaires Income Tax to tax the wealth gains of America’s billionaires.
According to Americans for Tax Fairness research, 26 top billionaires paid an average income tax rate of just 4.8% over 6 recent years when all their income is counted―a fraction of what many workers pay on their income.[2] But that’s not all.
Thanks to reporting by ProPublica with help from a whistleblower, we know that billionaires—including Elon Musk, Jeff Bezos, and Michael Bloomberg—can so thoroughly game the system that there are years in which they pay $0 in federal income taxes, even when their income from their wealth is skyrocketing.[3] That’s not just a lower tax rate than nurses, firefighters, and teachers pay—that’s a lower dollar amount in those years!
It’s time for America’s 741 billionaires to pay taxes each year on their largest source of income: the growth in the value of their investments.
Check out David’s email below for more details on the Billionaires Income Tax, then add your name today as a grassroots co-sponsor and demand Congress act!
Thank you for fighting for a tax system and an economy that works for everyone, not just the wealthy few.
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund
[1] U.S. BILLIONAIRES NOW WORTH A RECORD $5.2 TRILLION
[2] BASED ON THEIR WEALTH GROWTH, 26 TOP BILLIONAIRES PAID AN AVERAGE INCOME TAX RATE OF JUST 4.8% OVER 6 RECENT YEARS
[3] The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
-- David's email --
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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