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John,
When Donald Trump thinks the cameras are off, what does he tell his “rich as hell” billionaire donors? “We're gonna give you tax cuts.”[1]
And that was, once again, the message at a recent Palm Beach, Florida fundraiser at the home of billionaire hedge fund investor John Paulson. Here’s the headline coming out of that high dollar fundraiser with 117 wealthy Republican donors:
Trump and Republicans' top priority is renewing soon-to-expire provisions in the Trump-GOP tax scam that benefit the ultra-wealthy. This includes:
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Maintaining a cut in the top income-tax rate from 39.6% to 37%
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Maintaining an estate-tax exemption that allows wealthy couples to shield over $27 million in dynastic wealth from taxation
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Maintaining a weakened Alternative Minimum Tax, which is meant to ensure high-income households can’t use loopholes to excessively reduce their taxes
New American for Tax Fairness reporting shows that America’s 806 billionaires now own 50% more wealth than the bottom half of U.S. society―that’s 806 people holding $5.8 trillion in wealth vs. 65 million people with $3.7 trillion.[2]
The massive growth in billionaire wealth―which has nearly doubled since Trump signed his tax scam into law in 2017―is creating destabilizing levels of income and wealth inequality, which is also allowing billionaires to undermine our democracy with their virtually unlimited resources.
Our reporting on billionaire wealth gains is critical this election year to building national support for the Billionaires Income Tax and the Billionaire Minimum Income Tax, which would tax the wealth growth of billionaires and ultra-millionaires, ensuring the super-wealthy are paying taxes each year, just like working people already do.
Fight back against Trump and Republican attempts to hand even more tax cuts to millionaires and billionaires by rushing a donation today to help power our movement demanding the rich and corporations pay their fair share in taxes.
Billionaire wealth doubling in just over six years is a clear signal that too much of America’s resources are flowing to the super wealthy. The last thing we need to do now is permanently extend the Trump tax cuts for the wealthy that are due to expire at the end of next year. Permanent extension of high-end tax cuts would cost trillions of dollars we could otherwise invest in working families and communities and would worsen the nation’s economic inequality.
Research shows that the original Trump-GOP tax scam added an estimated $2 trillion to our nation’s debt and a permanent extension of those expiring tax cuts would cost an estimated $4 trillion.[3][4]
Rush a donation today to fight back against Trump and Republican plans to renew tax cuts for the wealthy that create destabilizing levels of income and wealth inequality.
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Together, we’re demanding policies that put working people first, not millionaires and billionaires.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] Trump Praises ‘Rich as Hell’ Donors, Vows: ‘We’re Gonna Give You Tax Cuts’
[2] As Tax Day Approaches, New Study Finds U.S. Billionaires Now Worth A Record $5.8 Trillion
[3] Additional Information About the Effects of the Public Law 115-97 on Revenues
[4] Tax Cut Extensions Cost Over $3.3 Trillion
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