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John,
In the last five years, since the 2018 Trump-GOP tax scam, America’s 748 billionaires have nearly doubled their wealth, from $2.8 trillion to what is now $5 trillion -- that “trillion,” with a T. A billionaire-friendly tax code is one of the engines driving this astronomical growth for the uber-rich: these billionaires pay only a small fraction of the income tax rate paid by the rest of us.
The average federal income tax rate in the U.S. is 13%. But according to IRS data, over the last nine years, if the increased value of their stocks is included as income, the 400 wealthiest American families paid an effective tax rate of only 8.2%.
It’s even worse if you just look at the wealthiest of the wealthy. According to Americans for Tax Fairness, the 26 top billionaires in the country paid just 4.8% over the last six years when all their income is counted.
And if your name is Elon Musk, Jeff Bezos, or Michael Bloomberg, your total income tax liability in several recent years was zero. One way billionaires get out of paying taxes is to take out loans to pay for everyday expenses, using their untouched billions as collateral, and avoiding having to report any of these loans as “income.”
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.
Seeking a remedy for this blatant inequity, Senate Finance Committee Chair Ron Wyden has introduced the Billionaires Income Tax. The idea is to tax billionaires on their gains in wealth each year, just like most of us pay on our wages.
The Joint Committee on Taxation reports that this Billionaires Income Tax would raise $557 billion over the next 10 years. Just think of how this funding could improve the lives of working families, helping with the costs of childcare, healthcare, housing, and more.
President Biden has called for a billionaire income tax, saying “Reward work, not just wealth.” 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 create a more just system for all Americans.
- DFA National Organizing Team
Democracy for America
Advocacy Fund
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