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John,
Our elections are not for sale.
A new report details how 50 billionaire families have already spent more than $600 million combined in the 2024 elections―and that’s just the money that is being reported.1 Dark money groups are spending hundreds of millions more and don’t need to report their donors.2
Billionaires wouldn’t spend so much money if they weren’t getting anything in return. In exchange for filling campaign coffers, billionaire donors attempt to elect extremist politicians who will keep their taxes low, while passing legislation to cut funding for critical human needs programs.
There is a very good way to curb billionaire wealth and power, and that’s to tax them.
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 go untaxed. This would mean less money to corrupt our elections and more money for critical services that lower the costs families pay for health care, child care, nutrition, housing, and other necessities.
The Billionaire Minimum Income Tax was proposed by President Biden and introduced in the House by Representatives Steve Cohen (D-TN) and Don Beyer (D-VA). Now it’s time for Congress to act. ADD YOUR NAME to become a grassroots sponsor of the Billionaire Minimum Income Tax today.
SIGN NOW
In the first two years of the coronavirus pandemic while more than 1,000,000 Americans were dying, the country’s billionaires saw their wealth (and their political power) grow by $2.1 trillion dollars―that’s a 70% gain!3
Due to economic inequities built into the U.S. tax code, income is taxed at a much higher rate than wealth. So, billionaires often pay a significantly lower tax rate than teachers, nurses, or firefighters. This exacerbates racial wealth inequality; in 2022, for every $100 in wealth held by white households, Black households held only $15.4
The Billionaire Minimum Income Tax would raise more than $500 billion over the next decade―creating a fairer tax system while allowing us to invest in critical human needs for low-income and vulnerable families.
Sign now to become a grassroots co-sponsor of the Billionaire Minimum Income Tax and put pressure on Congress to tax billionaire wealth.
Thank you for all you do,
Deborah Weinstein
Executive Director, CHN Action
1 The Billionaire Family Business: 50 Billionaire Clans Have Already Spent Over $600 Million on the 2024 Elections, Mostly to Preserve Their Fortunes
2 Unprecedented surge in ‘dark money’ floods 2024 elections
3 U.S. Billionaire Wealth Surged by 70 Percent, or $2.1 Trillion, During Pandemic. - Institute for Policy Studies
4 Black wealth is increasing, but so is the racial wealth gap
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