Dear John,

Since the Trump-GOP tax scam was enacted in 2018, America’s 748 billionaires have seen an increase in their wealth of $2.2 trillion -- that’s trillion, with a t. Combined, these households are now worth $5 trillion, but they pay only a fraction of the income-tax rate paid by the rest of us.

The average U.S. taxpayer pays a federal income tax of 13%. Yet IRS data reveal that the top 400 wealthiest American families paid an effective tax rate of only 8.2% over a recent nine-year period, if the increased value of their stocks is included as income.

According to Americans for Tax Fairness research, the 26 top billionaires paid an average income tax rate of just 4.8% over six years when all their income is counted -- far less than many working families. And it’s well known, yet still shocking, that Elon Musk, Jeff Bezos, and Michael Bloomberg paid zero federal income tax in several recent years.

What can be done about this blatant inequity? Fortunately, Senate Finance Committee Chair Ron Wyden has introduced the Billionaires Income Tax, to ensure that billionaires pay taxes on their gains in wealth each year, just like most of us pay on our wages.

The Joint Committee on Taxation reports that the Billionaires Income Tax would raise $557 billion over 10 years. That’s funding which could be used to improve the lives of working families, helping with the costs of childcare, healthcare, housing, and more.

Billionaires should pay income taxes every year, just like the rest of us do. Sign the petition today and become a grassroots co-sponsor of the Billionaires Income Tax now.

This tax will only apply to taxpayers whose net worth either exceeds $1 billion or whose income exceeds $100 million for three consecutive years. It would include yearly gains in assets that are easily priced, such as stocks, and for harder to price assets like private businesses, the increases would be taxed when they are sold.

President Biden has called for a billionaire income tax, saying “Reward work, not just wealth” and I agree 100%.

Not including ALL income when taxes are calculated -- including the wealth gained through Wall Street investments -- is a gift to the rich. It’s a rigged system that favors the ultra-wealthy at the expense of the rest of America.

Tell Congress to pass the Billionaire Income Tax Act and fairly tax the wealth of America’s billionaires and multi-millionaires.

Thank you for helping to address these deep inequities and create a more just system for all Americans.

Robert Reich
Inequality Media Civic Action