John,

In last year’s midterm election, billionaires spent an eye-popping $1 billion―mostly to elect right-wing candidates who want to undermine our democracy and lower taxes on the wealthy and corporations.[1]

With less than one year until the next presidential election, how do we limit billionaires’ influence? Representatives Steve Cohen (D-TN) and Don Beyer (D-VA) have introduced the Billionaire Minimum Income Tax, which would ensure that every household worth over $100 million is paying an effective tax rate of at least 25% on their full income each year―including all their gains on investments, most of which now goes untaxed. This would mean less money to pollute our elections and more money for critical services that lower the costs families pay for healthcare, childcare, nutrition, housing, and other necessities.

Introduced in the House just last week, there are more than 60 original cosponsors. We’re building support for the Billionaire Minimum Income Tax Act and the American people are with us.

Polling shows that 74% of likely voters―including majorities of Democrats, Independents and even Republicans―support a Billionaire Minimum Income Tax.[2]

Add your name as a grassroots co-sponsor of the Billionaire Minimum Income Tax and demand Congress act!

The latest Americans for Tax Fairness research 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.[3] Yet, many billionaires don’t pay close to their fair share of taxes and typically pay a lower average tax rate than many working families.

According to IRS data, in multiple years billionaires such as Jeff Bezos, Elon Musk, Warren Buffett, and Michael Bloomberg paid zero federal income taxes even as their fortunes grew by billions of dollars.[4] Over a recent nine-year period, the 400 richest billionaires paid an average effective federal income tax rate of only 8.2% when the growth in the value of their stock holdings is included in their income―far less than the top federal income tax rate of 37%.[5]

The Billionaire Minimum Income Tax could raise at least $360 billion over the next decade[6]—creating a fairer tax system while lowering costs for working people.

Sign now to become a grassroots co-sponsor of the Billionaire Minimum Income Tax Act and demand billionaires and ultra-millionaires start paying their fair share in taxes!

We only have a few weeks left before Congress adjourns for the year. Let’s keep building support to ensure billionaires pay taxes on their wealth gains each year, just like working people pay on their wages.

David Kass
Executive Director
Americans for Tax Fairness Action Fund

[1] Billionaire Spending Topped $1 Billion For the First Time in 2022 Elections
[2] Polling Compilation: Billionaires Income Tax Plans
[3] U.S. Billionaires Now Worth a Record $5.2 Trillion
[4] The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
[5] What Is the Average Federal Individual Income Tax Rate on the Wealthiest Americans?
[6] President’s Budget Rewards Work, Not Wealth with new Billionaire Minimum Income Tax