John,

Wall Street money managers don’t pay their fair share of taxes like you and I do. A loophole known as the “Carried Interest Loophole” cuts their taxes nearly in half on income earned by overseeing other people’s investments―and they can defer those payments until the investments are sold, which can be years.

That means they can pay a lower tax rate on their millions in Wall Street winnings than many nurses, teachers and firefighters pay on their wages each year.

Closing this loophole would generate $63 billion in revenue over ten years, which could be invested in everything from affordable healthcare to eldercare to childcare and more.

Democrats are getting close to a deal on the Build Back Better agenda and we’re demanding that Congress finally use this moment to unrig our tax code and make the rich and corporations pay their fair share.

Write to your members of Congress today and urge them to include the Ending the Carried Interest Loophole Act in the Build Back Better agenda to ensure Wall Street money managers start paying their fair share.

This bill, introduced by Senators Ron Wyden (D-OR) and Sheldon Whitehouse (D-RI), would effectively tax money managers on all of their compensation annually at ordinary-income tax rates. Instead of paying a tax rate of 20%, which is the top tax rate on investment income, money managers should be paying the top wage tax rate of 37%. After-all, this is income earned through work, not through their own personal investments.[1]

This would also keep to President Biden’s pledge to not raise taxes on anyone earning under $400,000 in the Build Back Better plan.

As Congress closes in on a final Build Back Better package, they need to hear from us! Click here to send a message to your senators and representative and tell them to include the Ending the Carried Interest Loophole Act in the final bill.

Together, we’re working to unrig our tax system to invest in working families and our future. Thank you for continuing to fight.

Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund

[1] “Wyden, Whitehouse Bill Ensures Private Equity Moguls Pay Fair Share In Taxes,” Senate Committee on Finance website, Aug. 5, 2021