John,

Wall Street lobbyists are swarming Capitol Hill to protect the profits of billionaires and corporations.

Did you know that billionaires and other ultra wealthy people don’t pay taxes like you and me? Billionaires’ wealth gains mostly come from investments, not a paycheck. And a billionaires loophole known as the “stepped-up basis” loophole allows investment income to go completely tax free, indefinitely, unless they sell their assets. And then when the wealthy pass their accumulated wealth gains on to their heirs, all taxes owed completely disappear.

According to investigative reporting by ProPublica, this allowed Jeff Bezos―the richest man in the world―to pay 1% in taxes between 2014 – 2018 as he saw his wealth grow by $99 billion. During this same time, Elon Musk paid just 3% in taxes on nearly $14 billion in wealth growth.[1]

Meanwhile, an average working family making $70,000 a year pays about a 14% federal income tax rate.

President Biden wants to close this billionaires loophole, which would raise $325 billion over ten years. (It would not affect couples with wealth growth of $2.5 million a year, including the increased value of their house.) This would allow us to invest in everything from affordable childcare for working families to expanding Medicare to include dental, hearing and vision care.

With just a few weeks until Congress votes on the ten-year $3.5 trillion reconciliation package, help us bring this new ad to millions of people and demand Congress make the rich and corporations pay their fair share! Click here to watch the video and then chip in today.

Together, we’re fighting for a once-in-a-generation investment in working families. But to make that happen, our grassroots campaign must defeat massive lobbying efforts by Wall Street and Corporate America.

Chip in today to bring our latest ad to millions of people and demand Congress close the billionaires loophole.

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Thank you for fighting for a tax system and economy that puts working people first.

Frank Clemente
Executive Director
Americans for Tax Fairness