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John,
This week, Oxfam released its annual report, Inequality Inc., and some of the findings are stunning.[1]
The report finds that since 2020, the world’s 5 richest men―Elon Musk, Bernart Arnault, Jeff Bezos, Larry Ellison, and Warren Buffett―have seen their fortunes more than double. And billionaires throughout the world are now $3.3 TRILLION richer than they were at the beginning of the decade.
The richest 1% now own 43% of all global financial assets. Meanwhile, wealth has declined in the 2020s for 60% of the world―nearly 5 billion people―further widening the global wealth gap.
If this trend of wealth accumulation at the top continues, we will see the first trillionaire within the next 10 years!
Right now, world economic leaders are gathering in Davos, Switzerland, at the World Economic Forum Annual Meeting. We’re demanding these business leaders, policy makers, and politicians take substantive action to address rising levels of income and wealth inequality.
The best way to do that is to tax the annual wealth gains of billionaires and ultra-millionaires. Add your name now to demand world leaders at Davos agree to tax the wealth gains of the ultra-rich.
Here at home, there are two bills that would do just that.
In the Senate, we have the Billionaires Income Tax; and in the House, the Billionaire Minimum Income Tax. Both bills would raise hundreds of billions of dollars in tax revenue by taxing the wealth gains of the nation’s very richest households each year.
The majority of billionaires’ income comes from unrealized gains on investments, which are only taxed if the investments are sold. And new Americans for Tax Fairness research shows that the richest 0.05% in the U.S. hold as much unrealized capital gains as the entire bottom 84% of American society―or 110 million households.[2]
Take action today! Add your name and demand word leaders at Davos agree to tax the wealth gains of the ultra-rich.
Together, we’re demanding a tax system and economy that works for everyone, not just the wealthy few.
David Kass
Executive Director
Americans for Tax Fairness
[1] Inequality Inc.
[2] The Ultra-Wealthy’s $8.5 Trillion of Untaxed Income
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