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John,
The right-wing propaganda machine is in overdrive, spreading blatant lies about the Biden-Harris tax plans―specifically the Billionaire Minimum Income Tax (BMIT). Their latest scare tactic? Falsely claiming the BMIT would tax everyone's unrealized capital gains, including the equity in their home, and 401(k)s.
Let's be crystal clear: This is a complete fabrication designed to protect billionaires and mislead hard-working Americans into unknowingly supporting the desires of the ultra-wealthy.
The truth is that the Billionaire Minimum Income Tax (BMIT) would only target households worth over $100 million. That's less than 0.05% of Americans―the 11,000 wealthiest individuals in the U.S.[1] The BMIT would ensure billionaires pay at least a 25% tax rate on their total income, including unrealized capital gains. It would not impact 99.95% of Americans or their retirement accounts.
We’re fact checking the right-wing’s lies and bringing the truth about the Biden-Harris tax agenda to the American people.
Help us combat the right-wing misinformation campaign and fight for a fair tax system where billionaires and ultra-millionaires pay their fair share. Rush a donation of $5 or more to help us spread the truth and build support for the Billionaire Minimum Income Tax.
So why is the right-wing lying? Because they're desperate to protect their billionaire donors at your expense. That’s why we need your support to reach more voters with the truth, to pressure lawmakers to stand up for working families, and to build a movement for real, lasting tax reform.
Our reporting found that as of 2022, billionaires and centi-millionaires held a staggering $8.5 trillion in untaxed, unrealized capital gains.[2]
In 2021, the wealthiest 400 American families paid an average federal income tax rate of just 8.2% when including the increased value of their stock holdings.[3] That's lower than the tax rate paid by many middle-class families.
By ensuring that the wealthiest Americans contribute their fair share, we can generate billions in revenue for critical investments that benefit all Americans. This includes funding for education, healthcare, and infrastructure projects that have been chronically underfunded.
But in order to fight back against right-wing misinformation, we need your help. The billionaire class has almost unlimited resources and a vast propaganda machine at its disposal. They're counting on their lies and scare tactics to turn public opinion against common-sense tax reform.
The more people who understand what's really at stake, the stronger our movement becomes. So can you help us spread the truth by making a contribution as we work to debunk right-wing lies about the Billionaire Minimum Income Tax?
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
Together, we can build an economy that works for all of us, not just the wealthy elite.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] Billionaire Minimum Income Tax
[2] The Ultra-Wealthy's $8.5 Trillion of Untaxed Income
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