The Billionaire Minimum Income Tax could raise at least $360 billion over the next decade.
John,
In his State of the Union address, President Biden made a forceful call for the wealthy and corporations to pay their fair share in taxes.
Did you know that millionaires and billionaires who earn their incomes through investments don’t have to pay taxes every year? That’s right! They can go years, if not indefinitely, without paying income taxes because of a loophole in our tax law that only taxes wealth gains once an asset is sold.
The ultra-wealthy instead live off of low-interest loans, backed up by their immense wealth, to pay for their lavish lifestyles. And they can even pass their untaxed fortunes along to their heirs completely tax free.
That’s why we need Congress to pass President Biden’s Billionaire Minimum Income Tax, introduced in the House by Representatives Steve Cohen (D-TN) and Don Beyer (D-VA). And, there’s a similar bill in the Senate―the Billionaires’ Income Tax, introduced by Senate Finance Committee Chair Ron Wyden.
Americans for Tax Fairness reporting shows that billionaires are using their untaxed wealth to further rig our economy and undermine our democracy, spending $1 billion in the 2022 midterm election.[1] But that’s just a drop in the bucket.
Using new data from the Federal Reserve, we’ve determined that America’s billionaires and ultra-millionaires worth $100 million or more held $8.5 TRILLION in untaxed wealth gains in 2022.[2]
It’s time for Congress to act and finally tax the wealth gains of the ultra-wealthy.
Polling shows that 74% of likely voters―including majorities of Democrats, Independents, and even Republicans―support a Billionaire Minimum Income Tax.[1] And that’s exactly what President Biden called for in this week’s State of the Union address!
The Billionaire Minimum Income Tax could raise at least $360 billion over the next decade[2]—creating a fairer tax system while lowering costs for working people. It has been introduced in the House by Representatives Steve Cohen (D-TN) and Don Beyer (D-VA). And, in the Senate, Finance Committee Chair Ron Wyden has introduced the Billionaires’ Income Tax, which would also tax the wealth gains of billionaires and ultra-millionaires.
Recent analyses show that the 400 richest Americans paid a tax rate of just 8.2% over a recent nine year period when you account for their untaxed wealth gains.[3] Compare that to the 13.6% tax rate that an average American household paid in a recent year.
As President Biden said, “No billionaire should pay a lower tax rate than a teacher, a sanitation workers, a nurse.”
Sent via ActionNetwork.org.
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