John,
The biggest source of income for the super-rich isn’t income from work―it’s income from selling stocks, profitable businesses and other assets.
During the presidential campaign, we heard President Biden talk about taxing wealth like work. And this is exactly what he meant.
This week, when the president introduces his next big tax and investment plans, he’s expected to include a provision that will require the richest 0.3%―those making more than $1 million a year―to pay their fair share in capital gains tax on the assets they sell.
But Wall Street is crying poor, trying to kill President Biden’s plan before it’s even been introduced. Just look at these headlines from the last few days:
During the pandemic, the richest 1% saw their wealth grow by $4 trillion.[1] It’s time for the rich and corporations to pay their fair share.
Donate today to build support for President Biden’s tax and investment plans―to invest in jobs, education, and our communities―paid for by making millionaires and billionaires pay their fair share.
Right now, the top capital gains tax rate is just 20% when the wealthy sell their assets. The president is proposing that the rich pay roughly 40% in capital gains tax―the same as they would pay on a salary of $1 million or more.
When Warren Buffet says that he pays a lower tax rate than his secretary, this is exactly what he’s talking about. This gigantic special-interest loophole is what allows billionaires to pay a lower tax rate than a teacher or a truck driver.
Plus, President Biden wants the wealthy to pay capital gains taxes on assets they inherit―assets that so far have not paid a dime in capital gains taxes.
The president’s two reforms would tax wealth like work, limit the creation of economic dynasties and raise at least $300 billion in revenue that we can use to invest in our communities and our future, and to create millions of jobs.
We’re building massive support for President Biden’s tax and investment plans, but we’re up against an army of Wall Street CEOs and their lobbyists who will protect their enormous wealth at all cost. Donate today to fight for a tax plan where the rich and corporations pay their fair share.
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
Thank you for all you do to create a tax system and economy that works for everyone, not just the wealthy few.
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] “The Wealth Gains That Made 2020 a Banner Year for the Richest 1%,” Bloomberg, Mar. 22, 2021
