John,
Growing income and wealth inequality has now given us billionaires in space. This isn’t the final frontier we were promised.
Now, there’s a way to hold the wealthy accountable and invest in our collective future—including real scientific achievements that advance humanity, not just tycoon egos. Senator Elizabeth Warren has introduced the Ultra-Millionaire Wealth Tax, which would only apply to fortunes of $50 million or more―the richest 0.05%.
It would generate $3 trillion in revenue over ten years and could pay for more than 80% of Sen. Bernie Sanders’ and Senate Democrats’ $3.5 trillion budget reconciliation package.
We’re leading the fight to demand the wealthy pay their fair share so we can invest in jobs, clean energy and the environment, housing, education, healthcare, eldercare, nutrition and more. Donate today to fight to pass Elizabeth Warren’s wealth tax to invest in our future.
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
Check out Frank’s email below for more details on how the wealth tax works and how it’s time to tax wealth like work!
Thank you,
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness
-- Frank's email --
John,
Do you want to invest in our future in a fair and equitable way? President Biden has called for taxing wealth like work. We agree!
This week, Jeff Bezos, the richest man in the world, took a 10-minute vanity joyride to space—at our expense. As ProPublica recently reported after reviewing Bezos’s tax returns: Bezos paid zero federal income taxes in 2007 and 2011. And while his wealth grew by $99 billion from 2014 to 2018, he paid just $973 million in federal income taxes—a tax rate of less than 1% on that wealth growth.[1]
To make matters worse, Amazon, Bezo’s corporation that fuels his astronomical wealth growth and his space flights, paid ZERO federal income taxes between 2017 and 2019 while it made $26 billion in profits.[2]
Research done by Americans for Tax Fairness found that if Sen. Elizabeth Warren’s wealth tax was implemented, Bezos would have owed $5.7 billion in taxes in 2020. Elon Musk, another space fanatic, would have owed $4.6 billion.[3]
Under Warren’s wealth tax, billionaires alone would pay $1.4 trillion in taxes over 10 years.
Americans for Tax Fairness is leading the fight to make billionaires and the corporations they own pay their fair share. Because when they do, we can create an economy that works for all of us. Donate to fuel the fight to win, today!
And, there’s more!
Right now, we’re fighting for a budget reconciliation package that would invest at least $3.5 trillion in jobs, the environment, housing, education, healthcare, eldercare, nutrition and more. Elizabeth Warren’s wealth tax would generate $3 trillion in revenue over ten years and would only apply to fortunes worth $50 million or more―the richest 0.05%.[4]
That means that we can pay for more than 80% of Sen. Bernie Sanders’ and the Senate Democrats’ reconciliation package by passing Elizabeth Warren’s wealth tax.
Here’s how the Warren wealth tax would work:
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It would only be paid by about 100,000 taxpayers―the richest 0.05%
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The tax rate would be just 2 cents on the dollar (2%) for people with wealth between $50 million and $1 billion
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The tax rate would be just 3 cents on the dollar (3%) for wealth above $1 billion
Our latest report on billionaire wealth growth shows that the nation’s 713 billionaires have seen their wealth grow by an astounding $1.8 trillion, or 60%, since the start of the pandemic in March 2020.[5] Part of the reason the ultra-rich don’t pay their fair share in taxes is that their wealth is generated by investments in stocks, real estate, businesses and other assets.
They pay no tax on those assets that usually are increasing in value―often by a lot―until they sell them, which they may never do. And then when the very rich sell those investments for profit, they pay a tax rate that’s roughly half (20%) the top rate (37%) that is paid on income from wages.
That’s why many ultra-millionaires and billionaires pay an overall tax rate that is about the same -- or even less! -- as many working people.
If we’re going to invest in our children’s future―and a future that grows good-paying jobs and addresses the climate crisis―it’s time for the wealthy to start paying their fair share.
Donate today to help us fight to pass Sen. Elizabeth Warren’s wealth tax and generate $3 trillion in new tax revenue from the richest 0.05% of Americans.
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
Thank you for fighting for a tax code and an economy that works for everyone, not just the wealthy few.
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax,” ProPublica, June 8, 2021
[2] “The Price We Pay for Amazon in Its Prime,” Institute on Taxation and Economic Policy, May 8, 2020
[3] ”Warren Wealth Tax Would Have Raised $114 billion in 2020 from the Nation’s 650 Billionaires Alone,” Americans for Tax Fairness, March 1, 2021
[4] “Warren, Jayapal, Boyle Introduce Ultra-Millionaire Tax on Fortunes Over $50 Million,” Sen. Elizabeth Warren, March 1, 2021.
[5] “Skyrocketing Billionaire Wealth Growth―Almost All Tax-Free―Proves Need for Biden Tax Reforms on Rich,” Americans for Tax Fairness, July 14, 2021
