John,

We’re out with our latest report on billionaires buying elections―and our first of the 2024 election.

New Americans for Tax Fairness reporting shows that 50 billionaire families have already injected more than $600 million into the 2024 elections, through donations to political parties, PACs, and Super PACs. More than two-thirds of those donations (69%) went to Republican or conservative causes, meaning the vast majority of billionaire-family donations are an investment in maintaining their wealth and power.

They know Republicans will never enact the taxes we need on billionaire wealth and billionaire income, or repair the broken estate-tax system so that lucky inheritors of huge fortunes start to pay tax again on their unearned windfalls.

To curb billionaire wealth and power, we’re fighting for the Billionaire Minimum Income Tax, proposed by President Biden and introduced in the House by Representatives Steve Cohen (D-TN) and Don Beyer (D-VA).

The Billionaire Minimum Income Tax would ensure that every household worth over $100 million is paying an effective tax rate of at least 25% on their full income each year―including all their gains on investments, most of which now goes untaxed. This would mean less money to corrupt our elections and more money for critical services that lower the costs families pay for healthcare, childcare, nutrition, housing, and other necessities.

Fight back against billionaires buying elections by adding your name today as a grassroots co-sponsor of the Billionaire Minimum Income Tax and demand Congress act now to tax the wealth gains of billionaires and ultra-millionaires.

There are currently 806 billionaires in America worth a combined $5.8 trillion. They’ve seen their wealth virtually double since the enactment of the 2017 Trump-GOP tax scam, and they pay federal income tax rates of just 8.2% on all their income―half the 14.9% tax rate that an average American household pays and way below the top tax rate of 37% paid on wages.

This is because many centi-millionaires and billionaires derive most of their income from investments, not a paycheck, so they can go years, if not forever, without paying income taxes on their wealth gains. Right now, their gains are only taxed when they sell their investments, but they never have to sell to tap into that income. They can simply borrow against their gains and live tax-free.

Act now to help create an economy and a democracy that work for everyday people, not just the ultra-wealthy. Add your name now to demand Congress pass the Billionaire Minimum Income Tax.

Thank you for all that you do to unrig our tax code and hold billionaires and ultra-millionaires accountable.

David Kass
Executive Director
Americans for Tax Fairness Action Fund