John,
We’re making major progress in ensuring the rich and corporations start paying their fair share. But as we get closer to a final vote on President Biden’s Build Back Better plan, Wall Street and corporate lobbyists are trying to block the tax reforms we’re trying to make.
One glaring omission from the House Ways and Means tax plan is leaving the Billionaires Loophole in place. The so-called “stepped-up basis” loophole allows the skyrocketing income of many millionaires and billionaires to go completely untaxed, even when their fortunes are passed along to their heirs.
Check out our latest infographic below, then pitch in to bring it to millions of people and demand Congress raise the full $3.5 trillion in taxes from the rich and corporations.
We are on the verge of a major victory, unrigging our tax system so that it works for ordinary people, not just the wealthy few. Thank you for your support in this critical fight.
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness
-- Frank's email --
John,
We’re in the 11th hour in the House of Representatives of our fight to ensure the rich and corporations start paying their fair share in taxes. And the House tax writing committee just voted on critical details and have forwarded the bill to the full House.
The committee advanced legislation that is historic given the huge tax cuts given by Congress to special interests in recent decades. It approved raising $2.1 trillion exclusively from corporations and the rich that will finance a good portion of President Biden’s $3.5 trillion Build Back Better agenda. No one making under $400,000 a year will pay more in taxes.
But we need and want to do better—both to create a fairer tax system and to raise more revenue so there is $3.5 trillion available to make healthcare, childcare, eldercare and housing more affordable. To provide universal pre-K education to all three- and four-year olds, free community college tuition and to create a paid family and medical leave program. And to fully fund expanded Child Tax Credits to help families afford the necessities in life and to begin an ambitious plan to create a truly clean energy economy to fight climate change.
With the U.S. House expected to vote on the full Build Back Better Act as early as late next week there is still time to improve the legislation, raise a lot more tax revenue to fully fund investments in working families, and begin to narrow the wealth gap that’s tearing our nation apart.
But we need your support to make this happen.
Donate today to help bring our latest infographic to millions of people and demand Congress raise the full $3.5 trillion to invest in our future. Every dollar not raised from the rich and corporations is a dollar not invested in working families.
According to Americans for Tax Fairness research, U.S billionaires got 62%, or $1.8 trillion, richer during the pandemic.[1] That wealth growth alone could pay for half of President Biden’s 10-year $3.5 trillion investment package.
Much of that wealth growth is currently income-tax free, and is likely to remain so under the Ways and Means Committee tax plan.
Starting today, our top priority is to get Speaker Pelosi to include in the legislation that goes to the floor a provision that closes the Billionaires Loophole so that fat cats like Jeff Bezos and Elon Musk will have to pay more taxes. Our other priorities are to strengthen the tax bill by closing the loophole that lets the wealthy pay a tax rate on the sale of their stock and other assets that is about half the rate people pay on their wages; to close offshore tax loopholes that giant corporations use to stash their profits in tax havens to dodge U.S. taxes; and to require banks to beef up their reporting of financial transactions to catch wealthy tax cheats.[2]
Check out our latest infographic above, which shows how far we’ve come in ensuring the rich and corporations pay their fair share, and what still needs to get done to fully fund President Biden’s Build Back Better plan. Then chip in today to bring this infographic to millions of people and build critical support for the president’s plan before next week’s likely vote.
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Thank you for all that you do to fight for a future that includes all of us, not just the wealthy few.
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] “American Billionaires Got 62% Richer During Pandemic — Almost All That Wealth Growth Will Go Income-Tax Free, Showing Need For Biden's Tax Reforms & Investment Plans,” Americans for Tax Fairness, August, 24, 2021
[2] “Four Requirements for Tax Reform in Budget Reconciliation,” Americans for Tax Fairness, September 10, 2021
