John,
Less than three months out from the general election, Donald Trump is seeking yet another tax handout to Wall Street. Last week, Trump announced that, if re-elected, he plans on cutting capital gains taxes―which are largely paid by those buying and selling stock on Wall Street, high-end real estate and artwork, and lucrative businesses.
In 2019, the richest 1% got 75% of all long-term capital gains. The vast majority of households, 80%, got almost nothing.[1] True to form, Trump is once again seeking to cut the taxes of the rich and powerful.
Instead of lowering the capital gains tax rate, as Trump and congressional Republicans propose, we should raise the rates so that they match the income tax rates that people pay on wages and salaries. It makes no sense to tax income from Wall Street investments―and from speculation―at a much lower rate than income from work.
If the rich paid the same tax rates on money made from investments as you and I pay on our hourly or salaried earnings, and we closed loopholes, we could raise hundreds of billions of dollars that could be put toward critical services including healthcare, education and more.
Read Frank’s email below and then pitch in to fight back against Donald Trump’s plan to cut taxes on Wall Street millionaires and billionaires.
Together, we must stop Trump from giving yet another tax handout to those who need it the least.
Thank you,
Andrea Haverdink
Digital Director
Americans for Tax Fairness Action Fund
[1] “Capital Gains Cuts Won’t Cure the Covid-19 Economy,” Tax Policy Center, May 11, 2020
-- Frank's Email --
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
