John,

In just twelve seconds, Jeff Bezos ― the owner of Amazon ― makes more money than the average employee makes at Amazon in an entire year.[1] But, because much of Bezo’s wealth is held in Amazon stock, it can go years (or even decades) without incurring any income tax as long as he does not sell it. That means Bezos may never pay income taxes on most of his wealth.

Bezos isn’t alone. Many millionaires and billionaires pay little if any income taxes each year while their wealth skyrockets.

Now, Senator Ron Wyden (D-OR), Ranking Member of the tax-writing Senate Finance Committee, has proposed a plan to fix two major problems with our rigged tax code:

1. Make sure the income generated by the wealthy from their stocks and other investments is taxed at a rate at least as high as the tax rates workers pay on wages and salaries. (Their top tax rate now is just 20% on investments and 37% on wages and salaries.)

2. Make sure the wealthy pay taxes as they profit each year from their investment gains, just as workers pay taxes each year on their wages and salaries.

This plan could generate about $2 trillion over ten years from the wealthiest Americans by making them begin to pay their fair share. We could do a lot with that money to create an economy that works for all of us, not just the wealthy few.

Become a co-signer of Senator Ron Wyden’s new plan requiring the wealthy to pay taxes as they profit each year just like workers pay taxes on their wages and salaries.

As Wyden said when introducing the plan:

There are two tax codes in the United States: one for workers who pay taxes out of every paycheck and the other for high fliers who use games and tricks to avoid their taxes. They pay what they want, when they want and sometimes nothing at all.[2]

Senator Wyden’s plan will close a massive tax loophole allowing the rich to delay or avoid paying taxes on income from stock portfolios and other pricey assets. Every year, teachers, factory workers, nurses and other everyday Americans pay income taxes on their wages and salaries without delay. The wealthy should also pay as they profit every year ― and pay at the same much higher tax rate workers pay on their wages. It’s time to end this rigged arrangement that favors wealth over work.

Join Americans for Tax Fairness Action Fund in supporting Senator Wyden’s plan requiring the wealthy to pay taxes as they profit each year just like workers pay taxes on their wages and salaries each year. Become a co-signer of Wyden’s plan today!

Thank you for taking action, demanding the wealthy pay their fair share.

Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund

[1] “We did the math to calculate how much money Jeff Bezos makes in a year, month, week, day, hour, minute, and second,” Business Insider, Jan. 9, 2019

[2] “Wyden Unveils Proposal to Fix Broken Tax Code, Equalize Treatment of Wages and Wealth,” Sep. 12, 2019