John,
Making the rich play by the same rules as working- and middle-class families would help rebuild our communities and invest in our future. We can start by taxing wealth like work, which the president campaigned on, and he’s proposed in his new American Families Plan (AFP)―released today.
The AFP will make huge investments in healthcare, childcare, education, paid leave and income supports, which will lift millions out of poverty. The president’s plan also will make the wealthy begin to pay their fair share of taxes by changing how “capital gains” are taxed. Capital gains come from selling stock, a business or other assets at a profit. Rich people get almost all capital gains income.
Biden will tax wealth like work by closing two major loopholes that let the rich pay a much lower tax rate on the income they receive from wealth than many middle-class workers pay on their wages.
Wall Street CEOs and lobbyists are trying to scare the American people that an increase in the capital gains tax will impact everyday people. But, the reality is that President Biden’s proposed capital gains tax rate would only impact the richest 0.3% of Americans―those making over $1 million a year.
During the pandemic, the richest 1% has seen their wealth grow by $4 trillion―while tens of millions of people have lost their jobs and lost income from work.[1]
The president’s capital gains 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 create millions of jobs and invest in our communities and our future.
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Thank you for fighting for an economy and a tax system that work for everyone, not just the wealthy few.
Andrea Haverdink
Digital Director
Americans for Tax Fairness
[1] “The Wealth Gains That Made 2020 a Banner Year for the Richest 1%,” Bloomberg, Mar. 22, 202
