John,
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―far less than the top income tax rate of 37%.[1]
This is because the ultra-wealthy’s largest source of income each year is the growth of the value of their investments. And, unlike income from work, investment income isn’t taxed until the investment is sold.
The ultra-rich shouldn’t get away with paying lower tax rates than regular working people. That’s why we’re building massive support for the newly introduced Billionaires Income Tax.
Thanks to our work together, 16 senators have already signed-on to this bill. And thousands of grassroots supporters have signed-on as grassroots co-sponsors, demanding Congress act.
At a time when America’s 741 billionaires are worth a record $5.2 trillion, we’re demanding they pay taxes on their wealth gains each year, just like working people pay on their wages from work.[2]
Donate today to power our campaign and demand Congress pass the Billionaires Income Tax!
The Billionaires Income Tax 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]
We’re building support for the Billionaires Income Tax with voters across the country and in the halls of Congress. Donate today to power our campaign and demand Congress act.
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Thank you for fighting by our side for a tax system where billionaires and ultra-millionaires finally start paying their fair share.
Maura Quint
Campaign Director
Americans for Tax Fairness Action Fund
[1] BASED ON THEIR WEALTH GROWTH, 26 TOP BILLIONAIRES PAID AN AVERAGE INCOME TAX RATE OF JUST 4.8% OVER 6 RECENT YEARS
[2] U.S. BILLIONAIRES NOW WORTH A RECORD $5.2 TRILLION
[3] Wyden Statement on Billionaires Income Tax Score
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