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Hi,
Will you sign the petition to demand that the ultra-rich pay their taxes?
ProPublica just uncovered an enormous trove of IRS data on the tax returns of the richest people in the US.1
What they found is that billionaires like Jeff Bezos, Elon Musk, and Warren Buffet only pay a tiny fraction of income tax proportional to how much they gain each year. Some of them have even gotten away with paying $0, multiple years in a row.
Worst of all, it's totally legal. Our tax system is designed to safeguard billionaires.
ProPublica's investigation has revitalized the push for a Wealth Tax, but some Senate Democrats are still dragging their feet2 — which is why we need you to voice your support, right now. Under this legislation, the ultra-rich would finally pay taxes on the billions they gain each year, which would provide much-needed funds for public infrastructure, healthcare, and social services benefitting working people.
Most Americans are taxed on their annual salary. But that’s not how the ultra-rich make their money. They amass billions of dollars through investing in stocks, bonds, and real estate — all of it deliberately taxed at much lower rates.
Between 2014 and 2018, the 25 richest people in the country gained a total of $401 billion. Collectively, they paid a total of 3.4% in income tax. Jeff Bezos paid 1% of his gains — and Warren Buffett paid just 0.1%.
Meanwhile, middle class Americans were paying as much in income tax as the amount their net worth expanded, if not more.
Billionaires have long deceptively reported meager incomes in order to entirely bypass an income tax, take advantage of numerous loopholes, and amass their fortunes on the backs of working people. Join us in demanding that Congress stop letting billionaires get away with it!
Sign the petition: Demand that Congress pass a Wealth Tax now!
Thanks for taking action,
Tara and the Team at Demand Progress
Sources:
1. ProPublica, "The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax," June 8, 2021.
2. New York Times, "Bipartisan Infrastructure Talks Collide with Democrats' Goal to Tax the Rich," June 20, 2021.
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