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John,
Americans for Tax Fairness reporting shows that just 50 billionaire families have already spent more than $600 million in an attempt to influence the 2024 presidential and congressional elections.[1] And, while Elon Musk may be backtracking on his $180 million pledge to a Trump Super PAC, this was never just about Musk.[2]
Peter Thiel, another tech billionaire, has poured millions into our elections, including launching the political careers of far-right candidates like J.D. Vance.[3] These ultra-wealthy individuals are reshaping our political landscape to serve their interests, not ours.
We can't let this continue. That's why we're pushing for legislation like the Billionaire Minimum Income Tax—a crucial step in defending our democracy from the outsized influence of the ultra-rich.
Add your name now: Tell Congress to tax billionaire wealth gains and defend our democracy from a plutocratic takeover!
By ensuring that the nation’s handful of wealthiest households pay at least a 25% tax rate on their total income, including unrealized capital gains, we can generate over $360 billion in revenue over 10 years for critical public investments.
This will be a step toward reducing the electoral influence of the ultra-wealthy, leveling the playing field for everyday Americans in the political process, and strengthening our democracy against the corrosive effects of extreme wealth concentration.
Every day we delay is another day billionaires use their untaxed wealth to shape our politics for their benefit. It's time to take a stand.
Join us in telling Congress: Tax billionaire wealth gains now to defend our democracy!
Thank you for your commitment to building a fairer economy for all,
John Foti
Legislative Director
Americans for Tax Fairness Action Fund
[1] The Billionaire Family Business: 50 Billionaire Clans Have Already Spent Over $600 Million on the 2024 Elections, Mostly to Preserve Their Fortunes
[2] Elon Musk denies reported $45 million a month pledge to Trump, says he doesn’t ‘subscribe to cult of personality’
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[3] How a Network of Tech Billionaires Helped J.D. Vance Leap Into Power
-- David's email --
John,
The battle for the soul of our democracy is reaching a critical tipping point. As working families struggle with rising costs and stagnant wages, a small cadre of billionaires are weaponizing their vast, untaxed fortunes to try to reshape America to their liking.
The latest assault on our democratic principles comes from none other than Elon Musk, the world's richest person. Musk has pledged an astounding $45 million per month—that's $180 million over just four months—to elect Donald Trump and his allies.[1] This isn't just another big political donation: it's an attempt to purchase our democracy outright.
But Musk isn't alone in this brazen power grab. Consider Peter Thiel, the billionaire who has poured millions into launching the political career of far-right Vice Presidential candidate J.D. Vance[2]—even serving as a go-between for Vance and Trump when Vance first launched his 2022 U.S. Senate campaign.[3] Thiel's obscene wealth has already reshaped the Senate, and he's just getting started.
The consequences of this unchecked billionaire influence are stark and terrifying. Our elections become auctions, with offices sold to the highest bidder. The inevitable result is that public policies cater to the ultra-wealthy, not the needs of everyday Americans. The voices of ordinary citizens are drowned out by tsunamis of dark money. Our very notion of democratic representation is twisted beyond recognition.
But there's hope. We have solutions that can turn the tide, solutions like the Billionaire Minimum Income Tax (BMIT), a groundbreaking proposal that would ensure that the nation’s handful of wealthiest households pay at least a 25% tax rate on their total income each year, including unrealized capital gains. The BMIT is the kind of powerful tool we need to curb the outsized influence of the ultra-wealthy and restore balance to our democracy—now Congress must act.
We need your voice to make this happen. Tell Congress: Defend our democracy by taxing billionaire wealth gains now!
Trump himself has brazenly celebrated this plutocratic takeover, boasting: "Elon Musk gives me $45 million a month. We have to make life good for people like him."[4]
This is what happens when we allow billionaires to accumulate massive, untaxed wealth. They don't just hoard it—they turn it against our democracy.
The numbers are shocking. While you and I pay our fair share in taxes each year, billionaires like Musk and Thiel often pay effective tax rates lower than working families pay. By exploiting loopholes and deferring taxes on their skyrocketing wealth, they've amassed unprecedented wealth and political power.
Imagine what Elon Musk’s $180 million could do if it were invested in the American people instead of used to buy political influence. That money could provide 42 million school lunches to hungry children. It could fund public housing for 32,000 people struggling with homelessness. It could deliver healthcare to 43,000 kids who desperately need it. Or it could put 1,900 new teachers in our classrooms, investing in the next generation.
We cannot allow the scales of our democracy to be tilted further in favor of the ultra-wealthy, concentrating power in the hands of the few at the expense of the many. That's why we need you. Your voice joined with thousands of others can create a groundswell of support that even the wealthiest can't ignore.
Add your name: Tell Congress to tax billionaire wealth gains and defend our democracy!
Together, we can build an economy and a democracy that works for all of us.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] Elon Musk Has Said He Is Committing Around $45 Million a Month to a New Pro-Trump Super PAC
[2] How a Network of Tech Billionaires Helped J.D. Vance Leap Into Power
[3] J.D. Vance tells associates he plans to run for Senate in Ohio
[4] Trump rally speech
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