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John,
New Americans for Tax Fairness research shows that there are now 806 billionaires in America with a combined wealth of nearly $5.8 trillion―that’s a record amount of wealth concentrated amongst a record number of billionaires.[1]
Meanwhile, the combined wealth of the top 1% (households worth more than $11 million) surpassed $44 trillion at the end of last year―another record and up $2 trillion in just the last three months of 2023. All of those gains are from the stock market, with stocks making up well over a third of assets held by the richest 1%.[2]
Under current law, taxes are only due on investment gains when the investments are sold. But the ultra-wealthy don’t have to sell to benefit: they can live luxuriously off low-cost loans secured against their rising fortunes. And when those gains are passed along to fortunate heirs, they simply disappear for tax purposes. That means trillions of dollars in investment gains―the principal source of income for the truly wealthy―may never be taxed This massive loophole in our tax system is creating increasing levels of income and wealth inequality as working people pay taxes with every paycheck they earn, while the super-rich avoid paying their fair share.
That’s why we’re fighting for the Billionaire Minimum Income Tax in the House and the Billionaires Income Tax in the Senate, each of which would tax the wealth gains of the nation’s richest households, raising hundreds of billions of dollars over 10 years exclusively from the ultra-wealthy.
Donate today to help build support across the country and in the halls of Congress to pass an annual tax on billionaire wealth gains. It’s time for billionaires and ultra-millionaires to pay their fair share in taxes!
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Together, we’re fighting to unrig our tax code and ensure the wealthy are paying their fair share.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] 4-01-2024 National & State Billionaires Report
[2] The wealth of the 1% just hit a record $44 trillion
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