People For Member,
Chances are good that you pay a higher income tax rate than billionaires Warren Buffett, Jeff Bezos, Michael Bloomberg, and Elon Musk.
That’s according to an explosive new report from ProPublica that details how these and other billionaires exploit the tax code to minimize their obligations in a way that cheats the nation that helped them grow their vast wealth. In fact, the investigation found that the nation's 25 richest Americans "saw their worth rise a collective $401 billion from 2014 to 2018," but "paid a total of $13.6 billion in federal income taxes in those five years," a total that "amounts to a true tax rate of only 3.4%." [1]
This true tax rate of 3.4% is much lower than the everyday working American pays in their share of taxes – and for what? So billionaires can buy a second yacht or jet? Or worse, so they can charter their own private rocket to space?!?
Think of what services and resources would be available if everyone – including the ultra-wealthy – paid their fair share in taxes?
The top 1% should no longer be allowed to hoard wealth while the rest of America is struggling to get by. But the only way bold change like this will happen is if grassroots activists like you speak out.
Reports such as the one just released by ProPublica underscore the dire need for a major tax overhaul to ensure a fairer tax system. Unless we act soon, we can expect the already vast wealth divide to continue to grow.
Thanks for all that you do,
Zach, People For the American Way
[1] "The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax" ProPublica, 6/8/21
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