John,

This week, Donald Trump told Fox Business News that if re-elected he’ll seek to lower taxes on Wall Street.[1] Trump’s proposing to lower the capital gains tax rate from 20% down to 15%―a greedy giveaway to the very rich that will lose many billions of dollars needed for services like education, healthcare and rebuilding our infrastructure.

We’re fighting back against yet another trickle down tax scheme that does nothing to invest in working families and people in need. Donate today to help us mobilize people around the country to stop Trump’s tax giveaway to Wall Street millionaires and billionaires.

Capital gains are profits from the sale of a capital asset, such as shares of stock, a business, real estate, or a work of art. The tax rate on most capital gains is already much lower than the tax rate on wages—20% vs a top rate of 37%. Since wealthy Americans reap the lion’s share (75% for the richest 1%) of capital gains, Trump’s capital gains tax giveaway is just another handout to his rich country club and Wall Street buddies.[2]

At a time when millions of people and families are struggling in the midst of a pandemic, it’s beyond the pale that Trump would suggest yet another tax-giveaway―on top of his $2 trillion tax scam for the rich and corporations.

Donate today to fight back against Trump’s newest tax giveaway to the super rich.

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Thank you for all you do to create a tax system and an economy that works for everyone, not just the wealthy few.

Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund

[1] “Trump pledges to cut capital gains tax in second term,” Fox Business, August 13, 2020

[2] “Capital Gains Cuts Won’t Cure the Covid-19 Economy,” Tax Policy Center, May 11, 2020