John,

The two biggest hurdles in the Democratic Party to passing President Biden’s Build Back Better investment agenda might be ready to play ball. The Washington Post reports that Senators Joe Manchin and Kyrsten Sinema have both expressed support for a Billionaires Income Tax as part of this measure.[1]

At a time when America’s roughly 700 billionaires have seen their wealth skyrocket by $1 trillion in just the last year, with a Billionaires Income Tax they would owe up to $240 billion on their 2021 wealth gains, depending on how much of that wealth gain was derived from tradable assets such as stock.[2]

This Billionaires Income Tax―which was NOT included in the House-passed version of the Build Back Better Act―would raise at least $550 billion over ten years.[3] That’s enough to fund the expanded Child Tax Credit for another four years, which will boost the purchasing power of families of 65 million children and reduce child poverty by 40% if it can be sustained.[4]

Tell the U.S. Senate to include the Billionaires Income Tax in the Build Back Better Act and finally make America’s 700 billionaires start paying their fair share in taxes. Sign the petition >>

Did you know that between 2014 and 2018 Elon Musk―now the richest person in the world―paid just 3.3% in federal income taxes on $14 billion in wealth growth, and that Jeff Bezos paid $0 in federal income taxes in 2007 and 2011?[5]

Billionaires shouldn’t just pay taxes when they feel like it. They should pay taxes on their wealth growth every year, just like you and I do on our wages.

Democrats need to use this new-found momentum to bring Senators Manchin and Sinema back to the negotiating table. Sign the petition calling on the U.S. Senate to include the Billionaires Income Tax in the Build Back Better Act.

Thank you for fighting for investments in our future―paid for by making the rich and corporations finally start paying their fair share.

Maura Quint
Campaign Director
Americans for Tax Fairness Action Fund

[1] “Manchin told White House he would support version of tax on billionaires,” The Washington Post, Dec. 24, 2021

[2] “America’s Billionaires Got $1 Trillion Richer Last Year,” Americans for Tax Fairness, Jan. 4, 2022

[3] “Wyden Statement on Billionaires Income Tax Score,” Senate Finance Committee, Nov. 5, 2021

[4] “If Congress Fails to Act, Monthly Child Tax Credit Payments Will Stop, Child Poverty Reductions Will Be Lost,” Center on Budget and Policy Priorities, Dec. 3, 2021

[5] “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax,” ProPublica, June 8, 2021