John,

We just successfully repealed the “Millionaires Giveaway” (partially)! Let me explain.

Included in President Biden’s $1.9 trillion American Rescue Plan is the beginning of the tax reform that Joe Biden and Democrats promised the American people.

In that COVID relief package, Democrats heeded our call and partially repealed the “Millionaires Giveaway” raising $31 billion for working families. They also tightened accounting rules used by multinational corporations to reduce their taxes (raising $22 billion) and denied corporations the right to deduct excessive executive pay as a business expense (raising $6 billion).[1]

This is only the beginning. Next up, President Biden will begin advocating for a major investment in infrastructure, a green energy future, healthcare and more. Like Americans for Tax Fairness, he says he wants to pay for much of it by making the rich and corporations pay their fair share of taxes. A big question is how to do that?

One approach we are leading the charge for is to enact Senator Elizabeth Warren’s new wealth tax, which will raise $3 trillion from households worth $50 million or more. Anyone with wealth less than $50 million won’t pay a single penny more.

Donate today to use the momentum from the American Rescue Plan to pass Senator Elizabeth Warren’s wealth tax and invest in our country’s future.

Check out Frank’s email below to learn more about the new tax provisions included in the American Rescue Plan and how this is critical to President Biden and congressional Democrats delivering on their promises to the American people.

Thank you,

Andrea Haverdink

Digital Director
Americans for Tax Fairness Action Fund

[1] “A $60 billion surprise in the Covid relief bill: Tax hikes,” Politico, March 10, 2021

John,

One year ago, Senate Republicans snuck the “Millionaires Giveaway” into the very first COVID relief package. It gave tax breaks averaging $1.6 million to 43,000 millionaires.

But, in the $1.9 trillion American Rescue Plan―signed by President Biden this week―Democrats began rolling back those tax cuts for the rich and powerful. Here’s what Politico had to say:

“Democrats are getting an early start on their tax increase agenda. They’ve tucked a trio of little-noticed tax hikes on the wealthy and big corporations in their coronavirus relief package that together are worth $60 billion.”[1]

This is just the beginning of implementing our tax fairness agenda to strengthen programs for working families and invest in our future. Next up is President Biden’s Build Back Better plan and Senator Elizabeth Warren’s wealth tax!

Donate today to use the momentum we have from the American Rescue Plan to pass Senator Warren’s Ultra-Millionaire Tax Act so the richest 0.05% pay their fair share in taxes.

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The tax provisions in the American Rescue Plan include a partial repeal of the “Millionaires Giveaway,” worth $31 billion; tightening of rules on multinational corporations, worth $22 billion; and denying corporations a tax break for excessive executive pay, worth $6 billion.

For the last year, together, we’ve been fighting to repeal the “Millionaires Giveaway.” This is only the start! We hope to fully roll it back in the Build Back Better jobs and tax plan President Biden is expected to unveil soon. And then go much bolder and bigger.  

Donate today to use the momentum coming off of the American Rescue Plan to build support for Elizabeth Warren’s wealth tax and our fair share tax agenda.

Thank you for fighting by our side as we create an economy and a tax system that works for everyone, not just the wealthy few.

Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund

[1] “A $60 billion surprise in the Covid relief bill: Tax hikes,” Politico, March 10, 2021