Some astounding facts about the very wealthiest Americans:

• There are approximately 806 billionaires in the United States.*

• That’s roughly 1 billionaire for every 417,265 non-billionaires.

• The average net worth of an American billionaire today is over $7 billion.

• The combined fortunes of all of this country’s billionaires add up to a staggering 5.8 trillion dollars.

• Here’s what that looks like numerically: $5,800,000,000,000.00.

• As our friends at Americans for Tax Fairness report, that is double what it was at the end of 2017, not even seven years ago.

• For comparison, the combined wealth of the entire bottom half of our society — some 65 million households — is $3.7 trillion.

• I’ll say that again.

• America’s 806 billionaires collectively have $2.1 trillion more than the entire bottom half of the country.

And — because our tax “system” is so biased in their favor — these billionaires have numerous ways to avoid paying anything close to their fair share.

A bill in Congress — the Ultra Millionaire Tax Act of 2024 — would start to bring some sanity to our nation’s disgraceful and unequal tax regime.

The Ultra Millionaire Tax Act of 2024 would impose an additional — though actually still quite modest — tax on those whose net worth exceeds $50 million.

And it would give the IRS much-needed additional resources to keep after the wealthiest taxpayers (or tax cheats, as the case may be).

Sponsors of this critical new legislation include Senators Elizabeth Warren and Bernie Sanders and Representatives Pramila Jayapal, Brendan Boyle, and Alexandria Ocasio-Cortez.

Tell Congress:

The American people need you to fight back against worsening economic inequality. It is past time to make the richest of the rich pay their fair share. Pass the Ultra Millionaire Tax Act of 2024 without delay.

Click to add your name now.

Thanks for taking action.

For progress,

- Robert Weissman, President of Public Citizen

*The exact number of billionaires at any given moment fluctuates with gains and losses in the stock market and other financial metrics.
 
 
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