John,

There’s a new plan in Congress to tax billionaire wealth like work: the Billionaires Income Tax. And it has support from the White House.

Right now, billionaires pay nothing on income generated through investments like stocks and real estate, unless they sell those investments, which they often don’t do. Senator Ron Wyden, chairman of the Senate tax-writing committee, has a new plan to ensure billionaires start paying taxes on all of their income, like you and I do on our paychecks.

According to the Wall Street Journal, “under current law, someone whose net worth rose to $22 billion from $20 billion and sold nothing would have no income. Under Mr. Wyden’s proposal, that person would have $2 billion of taxable income.”[1]

With the House expected to vote late this week on the Build Back Better Act, write to your members of Congress today and demand they include the Billionaires Income Tax in the budget reconciliation package to unrig our tax system and tax wealth like work.

This is a critical moment to make sure the wealthy and corporations start paying their fair share. Thank you for taking action today!

Frank Clemente
Executive Director
Americans for Tax Fairness

[1] “Biden Expresses Support for Annual Tax on Billionaires’ Unrealized Gains,” The Wall Street Journal, September 24, 2021

-- Maura's email --

John,

This is the week when we’ll learn who in Congress stands with working people and who stands with billionaires and corporations.

In order to pay for President Biden’s $3.5 trillion Build Back Better Act without adding anything to our country’s debt, Democrats must raise the necessary funds from the rich and corporations. Now, Senator Ron Wyden, Chairman of the Senate tax-writing Committee, has a plan to do just that.

While working families pay an average federal income tax rate of 14%, billionaires pay just 8%.[1] That’s why we’ve been fighting to close the so-called Billionaires Loophole that allows the super-wealthy to pass the increased value of their fortunes on to their heirs tax free. But, that proposal has met massive opposition from Wall Street Democrats.

So Chairman Wyden is developing a new plan, the Billionaires Income Tax, which would tax wealth like work to ensure billionaires start paying their fair share every year like you and I do in our paychecks. As Democrats come together around this critical investment agenda, we need to make sure they go big and bold.

Can you send a message to your representative and senators today to demand they include the Billionaires Income Tax in the Build Back Better Act? Click here to take action. We’ve provided suggested text to make it quick and easy.

Here’s what Chairman Ron Wyden said when explaining this new plan:[2]

“It’s time for a Billionaire’s Income Tax that ensures billionaires pay taxes just like the nurses and firefighters. Nurses treating COVID patients pay their taxes with every paycheck, and they know it’s fundamentally unfair that billionaires and their heirs may never pay tax on billions in stock gains. Instituting a Billionaire’s Income Tax would go a long way toward creating one fair tax code, rather than one that’s mandatory for working people and another that’s optional for the fortunate few.”

Americans for Tax Fairness research shows why Wyden’s plan is so critical. Our latest report on billionaire wealth gains show that since the pandemic began, American billionaires have seen their wealth skyrocket by $1.8 TRILLION, or 62%.[3]

That total wealth gain of 700-plus billionaires over just 17 months is enough to pay for more than half of the total cost of Biden’s Build Back Better plan over 10 years—a plan that will deliver to most Americans lower costs for healthcare, eldercare, childcare, housing and education; provide a monthly check of up to $300 per child into the bank accounts of families of 60 million children; invest massive sums in combating climate change; and much more.

Take action today and demand Congress tax wealth like work! It’s time to pass the Billionaires Income Tax.

The House will likely vote by the end of the week on this once-in-a-generation investment in our future. This is our chance to finally unrig our tax system and ensure the rich and corporations start paying their fair share.

Thank you,

Maura Quint
Wealth Tax Campaign Director
Americans for Tax Fairness

[1] “What Is the Average Federal Individual Income Tax Rate on the Wealthiest Americans?,” The White HouseSeptember 23, 2021

[2] “Wyden Statement on White House CEA Report on Billionaires Tax Rate,” United States Senate Committee on Finance, September 23, 2021

[3] “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

[4] “Treasury and IRS Announce Families of Nearly 60 Million Children Receive $15 Billion in First Payments of Expanded and Newly Advanceable Child Tax Credit,” U.S. Department of the Treasury, July 15, 2021