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John,
When President Biden’s Build Back Better plan stalled in the Senate late last year, it wasn’t because it wasn’t paid for. It wasn’t because it didn’t invest in people and families. It wasn’t because it didn’t address rising costs on everything from healthcare to housing.
It was largely because Senator Joe Manchin wanted a bill that both invested in our future and decreased the deficit.
Not only have the policies implemented by Congress and the president over the last year reduced our deficit by $1.3 trillion (!!!),[1] but President Biden has now introduced a budget that continues to reduce the deficit over 10 years while lowering costs for working families.[2]
At a time when inflation is costing U.S. families, on average, $296 more per month, we need Congress to act![3]
There’s momentum in Congress to get this done. Write to your senators and representative today and tell them to use President Biden’s budget as a roadmap to lower costs, invest in our future, and unrig our tax system―ensuring the rich and corporations start paying their fair share.
President Biden’s budget would put money in the pockets of families and working people by continuing the expanded Child Tax Credit and Earned Income Tax Credit, which last year lowered childhood poverty by 40%. It would reduce the cost of child care and provide free Pre-K and free and reduced college costs for millions of people and families. It would lower healthcare costs from prescription drugs to healthcare premiums. And it includes a federal paid family leave policy, invests in more housing assistance and much more.
The President’s budget would be paid for by unrigging our tax code to make sure the rich and corporations pay their fair share―including taxing wealth like work.
The President is calling for a billionaires income tax, which would tax the wealth gains of America’s 700 billionaires each year, not just when they sell stocks or other assets.
The President’s billionaires tax would raise $361 billion over 10 years, and a similar plan by Senator Ron Wyden (D-OR) would raise $557 billion.[4] Both would end the absurdity of the ultra-wealthy being able to avoid paying income taxes on their massive wealth gains each year.
Over the last two years, America’s 700 billionaires have seen their wealth skyrocket by $1.7 trillion, or 57%.[5]
Click here to write to your members of Congress and urge them to use President Biden’s budget as a roadmap for investing in our future, unrigging our tax system and lowering costs for millions of working people and families.
Thank you for fighting for an economy that works for everyone, not just the wealthy few.
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] "President Biden’s Economic Strategy and Fiscal Responsibility Decreasing Deficit by More Than $1.3 Trillion—Largest One-Year Decline in U.S. History," White House Press Release, March 28, 2022
[2] "The Biden Budget Would Protect Us Now and Invest in Our Future," Coalition on Human Needs, March 28, 2022
[3] "Inflation is costing U.S. households nearly $300 more a month. Here’s how to adjust your budget," CNBC, March 14, 2022
[4] Biden Budget Makes History With Billionaires Income Tax,” Americans for Tax Fairness press release, March 28, 2022
[5] "After 2 Years of COVID, U.S. Billionaires are $1.7 Trillion, or 57%, Richer," Americans for Tax Fairness, March 11, 2022
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