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John,
Already, more than 50,000 people have signed on as grassroots co-sponsors of Senator Elizabeth Warren’s Ultra-Millionaire Tax Act―new legislation that would apply a 2% tax on the wealth of households and trusts worth between $50 million and $1 billion and a 3% tax on fortunes exceeding $1 billion.
We’re rallying voters across the country, building support for Senator Warren’s proposed wealth tax in state after state and in the halls of Congress.
The bill would bring in at least $3 trillion in revenue over 10 years without raising taxes on the 99.95% of households with net worths under $50 million. That’s $3 trillion we could use to invest in public services for working families―paid for by ensuring the ultra-wealthy are paying their fair share of taxes.
Can we get to 100,000 signers in the next week? Donate today to power our campaign in support of Elizabeth Warren’s Ultra-Millionaire Tax Act.
America’s 741 billionaires saw their fortunes grow by 78%―or $2.3 trillion―over the first five years of the Trump-GOP tax scam, which handed trillions of dollars in tax breaks to the rich and big corporations.[1] Unfortunately, because the majority of billionaire wealth derives from investments, their massive wealth gains can go years without incurring any taxes. This has resulted in billionaires paying tax rates that are roughly half that of regular Americans.
What do billionaires do with their untaxed fortunes? In the 2022 midterm elections, they spent more than $1 billion in an attempt to maintain our rigged economy and elect mostly right-wing candidates who agree with their vision for America: limited taxes for the wealthy and limited rights for everyone else.[2]
That’s why we’re campaigning for Senator Elizabeth Warren and Representatives Pramila Jayapal and Brendan Boyle’s new Ultra-Millionaire Tax Act of 2024.
In order to enforce this new tax on households worth $50 million or more, the bill would provide the IRS with an additional $100 billion in resources and mandate that at least 30% of these ultra-wealthy households be audited every year. That’s the only way to ensure the nation’s very richest households don’t get away with cheating on their taxes.
Donate today to continue to build national support for Elizabeth Warren’s new Ultra-Millionaire Tax Act of 2024 to fight for an economy and a tax system that holds the ultra-wealthy accountable.
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When we finally tax the wealth of billionaires and ultra-millionaires, we’ll be able to invest in working families and communities―and build an economy that works for everyone, not just those at the top.
Thank you for all that you do to create an economy that works for everyone, not just the wealthy few.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] U.S. Billionaires Now Worth a Record $5.2 Trillion
[2] Billionaire Spending Topped $1 Billion For the First Time in 2022 Elections
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