John,

We now know exactly how extreme the billionaire windfall was, down to the dollar. According to a new Americans for Tax Fairness report, in Trump’s first year back in office, U.S. billionaires increased their wealth by $1.5 trillion.[1] That is a 22% jump in just twelve months. Their combined wealth now totals $8.2 trillion.

While families faced high prices, housing shortages, and economic instability, the richest people in the country captured an enormous windfall. This did not happen by accident. Billionaires largely live off income that the tax code barely touches. Wealth gains pile up year after year without being taxed.

Congress already has a solution on the table. The Billionaires Income Tax, introduced by Sen. Ron Wyden and Reps. Steve Cohen and Don Beyer, would finally tax the income that billionaires actually receive. It would apply a minimum 23.8% tax rate to ALL the income of billionaires (and those non-billionaires with incomes topping $100 million), including the “unrealized gains” that are as good as money in the bank for the super-rich.[2] No more waiting decades to tax massive gains. No more special rules for the ultra-wealthy.

This reform would raise hundreds of billions in revenue over ten years, reduce incentives for tax gaming, and restore basic fairness to the system. It does not raise taxes on working families. It does not touch retirement accounts. It simply ensures that billionaires pay taxes every year like everyone else.

Tell your members of Congress to pass the Billionaires Income Tax now and make clear that billionaires’ $1.5 trillion windfall is unacceptable while families struggle.

Billionaire wealth concentration is accelerating fast. The richest 15 U.S. centi-billionaires collectively saw their wealth surge by roughly one-third in a single year, reaching more than $3 trillion combined.[3] Elon Musk alone is on track to become a trillionaire, powered almost entirely by untaxed stock gains that would never show up on a traditional tax return.[4] This is what a tax system failure looks like in real time.

Unchecked billionaire wealth translates directly into political power, market dominance, and policy outcomes that favor the few at the expense of everyone else. While trillions of dollars in wealth gains go untaxed, Congress claims it cannot afford healthcare, housing, climate investments, or education.

The Billionaires Income Tax is carefully designed to withstand avoidance schemes. It includes rules to prevent gaming, payment smoothing to handle market volatility, and enforcement mechanisms that match the scale of billionaire finances. This is serious tax policy, not a symbolic gesture.

Public support for taxing extreme wealth is overwhelming. Poll after poll shows that Americans across parties believe billionaires should pay more of their fair share, not less. Congress should stop protecting extreme wealth and start responding to the public.

Tell Congress to pass the Billionaires Income Tax and end the billionaire free ride.

Together, we can build a tax system that finally works for the people who earn paychecks, not just the people who own the stock market.

David Kass
Executive Director
Americans for Tax Fairness Action Fund

[1] U.S. BILLIONAIRES GOT $1.5 TRILLION RICHER IN TRUMP’S FIRST YEAR
[2] Wyden, Cohen, Beyer Introduce the Billionaires Income Tax Act
[3]Richest 15 U.S. centi-billionaires see wealth surge 33 percent to $3.2 trillion
[4] Elon Musk to Become a Trillionaire by Year-End? Net Worth Surged $277B In a Week to $750B