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John,
Yesterday, we reached a dubious milestone. America’s roughly 800 billionaires are now worth a collective $6 trillion.[1]
That’s more than twice what they were worth prior to the passage of the 2017 Trump-GOP tax scam.
Many of the components of the tax scam that are set to expire at the end of 2025 benefit the wealthy, including billionaires. A lower top tax rate, the weakened Alternative Minimum Tax (AMT), an enfeebled estate tax and other handouts to the rich in that law have undoubtedly contributed to the buildup of billionaire wealth in recent years. But, instead of allowing the worst aspects of the tax scam to expire, Republicans have said they want to extend the expiring parts of the law, at a cost of some $5 trillion.
Click here to send a message to Congress demanding they let the worst aspects of the Trump-GOP tax scam expire and replace them with a tax on the wealth gains of billionaires and ultra-millionaires.
The super-rich can now go years, sometimes forever, without paying anything in federal income taxes. We’re demanding the wealthy finally start paying their fair share. Because when they do, they’ll have less to spend to influence our democracy through their campaign donations; and the federal government will have more to invest in critical services for working people.
Together, we will keep fighting for an economy and a tax system that works for everyone, not just the wealthy few.
John Foti
Legislative Director
Americans for Tax Fairness Action Fund
[1] THE BILLIONAIRE CENTURY
-- David's email --
John,
You already know that the 2017 Trump-GOP tax scam was heavily skewed toward the rich and corporations. But today, we reached a new milestone.
According to an Americans for Tax Fairness analysis, America’s roughly 800 billionaires are now worth a collective $6 trillion.[1]
Since Republicans passed the tax scam in 2017, billionaire wealth has more than doubled―up $3.1 trillion in the last six-and-a-half years. But right now, we have an opportunity to unwind this massive accumulation of wealth among the richest few.
Next year, several aspects of the Trump-GOP tax scam will expire. And it’s up to us to make sure they do.
At the same time, Democrats in Congress have introduced the Billionaire Minimum Income Tax in the House and the Billionaires Income Tax in the Senate, both of which would ensure that the nation’s handful of wealthiest households pay their fair share of taxes each year―including all their gains on investments, most of which now goes untaxed. This would mean less money for them to use to corrupt our elections; and more money for us to use to fund critical services that lower the costs families pay for healthcare, childcare, nutrition, housing, and other necessities.
Write to your members of Congress now and urge them to let the worst aspects of the Trump-GOP tax scam expire and to pass a tax on the wealth gains of billionaires now.
Wealth growth for America’s 800 billionaires has far out-paced that of 66 million Americans―the bottom 50%. Just look at this new chart:
 The failure to adequately tax the astronomical growth in billionaire wealth over the last quarter century has helped create this unprecedented concentration of financial power. Reaching this dubious milestone is yet one more reason not to renew the expiring Trump-GOP tax cuts for the rich that are set to sunset next year, and instead use their expiration as an opportunity to pass real tax reforms that ensure billionaires and other super-wealthy people finally pay their fair share.
Click here to send a message to Congress demanding they let the worst aspects of the Trump-GOP tax scam expire and pass a tax on the wealth gains of every household worth $100 million or more.
Together, it’s up to us to demand Congress act to create an economy and a tax system that puts the needs of working people over the wealth gains of billionaires.
Thank you for taking action today,
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] THE BILLIONAIRE CENTURY
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