Dear John,

Billionaires have outsized influence over not just the existing economy, but the economy that will be produced in the future. Already in this year’s election, over $600 million has been donated by just 50 billionaire families, with nearly 70% going to Republicans or right-wing causes.

This is, as they say, a serious chunk of change.

Reporting these findings, the advocacy group Americans for Tax Fairness revealed that more than half of these donations came from just 10 well known billionaire families such as the Waltons, the Kochs, and the Mellons.

Why are billionaires sinking so much of their wealth into these campaigns? One can easily surmise, they find the investments are worth it in order to put lawmakers in place who will cut taxes on the ultra-wealthy and corporations, and to ensure the tax-free accumulation of wealth across generations as well.

Saying “Reward work, not just wealth,” President Biden has proposed the Billionaire Minimum Income Tax, and Reps. Steve Cohen and Don Beyer have introduced the bill in the House to accomplish just this.

Tell Congress today to pass the Billionaire Minimum Income Tax and tax the gains in wealth of billionaires. Ensure the very wealthiest households pay income taxes every year, just like the rest of us.

Under the Billionaire Minimum Income Tax, every household worth over $100 million will pay an effective tax rate of at least 25% on their full income each year. This includes all their gains on investments, which currently are not taxed.

Establishing an effective tax rate closer to what ordinary Americans pay would mean the mega-rich would have less disposable income to drop into the pockets of their favored legislators -- the ones who will give them the biggest tax breaks.

Meanwhile, the Billionaire Minimum Income Tax would raise over $500 billion over the next decade. These funds would give Uncle Sam the opportunity to lower costs of working families for essentials such as healthcare, childcare, nutrition, and housing.

Sign the petition today and demand Congress pass the Billionaire Minimum Income Tax, to ensure the wealthiest households pay their fair share of taxes every year, just like the rest of us.

Thank you for signing on and urging action on this crucial legislation.

Robert Reich
Inequality Media Civic Action