This is Senator Ron Wyden, Chair of the Senate Finance Committee which writes tax legislation.
I just introduced my billionaires tax bill with lots of cosponsors and support from the PCCC and over a hundred other organizations.
You can only have a successful economy if you have a tax code that treats everyone fairly. But America’s tax code is riddled with loopholes that allow the ultra-wealthy to get away without paying their fair share.
My billionaires tax bill will make those at the very top start paying their fair share, just like the rest of us.
This bill would only apply to the 700 richest people in America. Because of their staggering wealth, it would raise hundreds of billions of dollars, which could be used to help shore up funding for vital programs like Social Security and Medicare.
My billionaires tax combats the loophole that I call "buy, borrow, die: that works like this:
Buy: A billionaire uses their wealth to buy assets that appreciate in value such as real estate, stocks, artwork, and collectibles.
Borrow: The billionaire then borrows against the growing, untaxed value of those assets to fund their extravagant lifestyle. When they buy yachts, go on luxurious vacations, decorate their mansions with expensive works of art…they use the money they borrowed instead of regular income they would have to pay taxes on.
Die: After the billionaire’s death, when the assets are eventually passed onto their spouse or children, the tax owed on the accumulated value of the assets disappears. They can be sold tax-free.
I'll be sure to keep you updated on our progress as we move forward toward a more fair and just tax system where billionaires pay their fair share.
-- Senator Ron Wyden (D-Oregon)
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