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John,
Did you see David’s email? According to a new report from CNBC, the wealth of the richest 1% just reached a record $44 trillion.[1] And, at the same time, new Americans for Tax Fairness research shows that the number of U.S. billionaires just reached a record 806, who are collectively worth nearly $5.8 trillion―another record. In fact, billionaires have seen their wealth essentially double since the passage of the Trump-GOP tax scam a little over six years ago.[2]
The best way to address rising levels of income and wealth inequality is to tax the untaxed wealth gains of billionaires and ultra-millionaires, who can go years, if not indefinitely, without paying taxes on the increases in their investment portfolios.
We’re building support across the country and in the halls of Congress for the Billionaire Minimum Income Tax in the House and the Billionaires Income Tax in the Senate, which would ensure the nation’s wealthiest households are paying taxes each year on all their income, just like working people already do.
Donate today to fight for a tax on the wealth gains of billionaires and ultra-millionaires―because when the wealthy pay their fair share in taxes, we can invest in services for working people, our communities, and our future.
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
Thank you for all you do to fight for a tax system and economy that works for everyday people, not just the wealthy few.
Maura Quint
Campaign Director
Americans for Tax Fairness Action Fund
[1] The wealth of the 1% just hit a record $44 trillion
[2] 4-01-2024 National & State Billionaires Report
-- David's email --
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!
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
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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