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John,
President Biden just released a proposed budget for the entire federal government, which is a roadmap to investing in our communities and our future.
Included in this budget is a HISTORIC achievement—a Billionaires Income Tax. Our friend and ally Senator Ron Wyden (D-OR) and the ATF coalition have led the charge for a similar tax on billionaires since last summer.
Passage of this tax would bring us closer to a single tax system in which the ultrawealthy start paying taxes each year on their wealth gains the way workers pay taxes on their paychecks. We call it pay as you PROFIT!
Donate right now to demand Congress pass a Billionaires Income Tax so that the richest 700 Americans pay taxes on their wealth gains just like you and I pay on our wages. It’s time to tax wealth like work!
The new tax would largely end the scandal of billionaires going tax-free or paying little in taxes for years on end. It would also raise $360 billion over 10 years from those with wealth of at least $100 million—the richest 0.01% of taxpayers, or about 20,000 families. Most of the taxes would be owed by America’s 700-plus billionaires.[1]
Over the last two years, America’s 700 billionaires have seen their wealth skyrocket by $1.7 TRILLION, or 57%, as documented by Americans for Tax Fairness using Forbes data.[2] What could we do with $1.7 trillion?
We could restore the expanded Child Tax Credit, which was providing monthly payments to families with children, cutting childhood poverty by 40%.[3]
Or, we could cancel all student loan debt, freeing millions of Americans from crushing debt that is limiting their ability to start a business, own a home or start a family.
Right now, talks are restarting in Congress to get President Biden’s investment and tax plan—renamed the Build a Better America plan—across the finish line. It will lower costs for working families, combat the climate crisis, and create millions of good-paying jobs. It will be paid for by making the rich and corporations pay a fairer share of taxes.
Donate right now to demand Congress include a Billionaires Income Tax in the new plan so that the richest 700 Americans pay taxes on their wealth gains just like you and I pay on our wages.
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Billionaires are paying lower tax rates, on average, than teachers, nurses and firefighters. A Billionaires Income Tax will end that. Polling shows that nearly two-thirds (64%) of likely voters support the Billionaires Income Tax, including 61% of Independents.[4]
A tax on billionaires will restore trust in a tax system that many view as rigged. When billionaires can go tax-free, working Americans understandably know something’s rotten. The Billionaires Income Tax will start to rebuild trust in our tax code and economic system.
So, please help us demand that Congress tax billionaire wealth just like workers’ wages. Pitch in today to fight for a Billionaires Income Tax!
Thank you for fighting for a future that includes all of us, not just the wealthy few.
Maura Quint
Campaign Director
Americans for Tax Fairness
[1] “Biden Budget Makes History With Billionaires Income Tax,” Americans for Tax Fairness press release, Mar. 28, 2022
[2] "After 2 Years of COVID, U.S. Billionaires are $1.7 Trillion, or 57% Richer," Americans for Tax Fairness, March 11, 2022
[3] “What Billionaires’ $1.7 Trillion Pandemic Profits Could Fund,” Americans for Tax Fairness, Mar. 17, 2022
[4] “Polling Compilation: Billionaires Income Tax,” Americans for Tax Fairness, March 21, 2022
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