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John,
There are two tax codes in America. The first is mandatory for working families who pay taxes out of every paycheck. The second is voluntary for billionaires who defer paying taxes for years, if not indefinitely.
Two tax codes allow billionaires to use largely untaxed income from wealth to build more wealth, while working families struggle to balance the mortgage against groceries, and utilities against saving for the future. That’s why it’s time for a Billionaires Income Tax.
My Billionaires Income Tax would ensure billionaires pay taxes every year, just like working Americans. 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 lifelines Americans rely on, like Social Security and Medicare, and lower costs on everything from health care to energy to housing.[1]
Americans for Tax Fairness is a critical ally in our fight to ensure those at the very top are paying their fair share. They have been instrumental in growing support for the Billionaires Income Tax in the halls of Congress and with people in communities across the country. And our work together is paying off!
Polling shows that 74% of likely voters―including majorities of Democrats, Independents and even Republicans―support a Billionaires Income Tax.[2]
Make an end-of-year donation to Americans for Tax Fairness today to fight for the Billionaires Income Tax and demand a tax system where the ultra-wealthy start paying their fair share in taxes.
America’s tax code is riddled with loopholes that allow the ultra-wealthy to get away without paying their fair share, while working families have to play by a different set of rules and pay taxes out of each paycheck. You can only have a successful economy if you have a tax code that treats everyone fairly.
My Billionaires Income Tax will make that a reality by ensuring those at the very top start paying their fair share, just like the rest of us.
Join me in supporting a critical ally in our fight to tax billionaires’ wealth gains. Make an end-of-year donation to Americans for Tax Fairness today.
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
Thank you for being by my side as, together, we fight for a tax code that works for everyone, not just the fortunate few.
Senator Ron Wyden
U.S. Senator, Oregon
[1] Wyden Statement on Billionaires Income Tax Score
[2] Polling Compilation: Billionaires Income Tax Plans
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