President Biden has introduced a budget that includes a billionaires income tax to finally start taxing wealth like work.
John,
Did you know that in multiple years, billionaires Jeff Bezos, Elon Musk, Warren Buffett and Michael Bloomberg paid zero dollars in federal income taxes?[1]
And, in the last two years, since the pandemic began, America’s roughly 700 billionaires have seen their wealth grow by a whopping $1.7 trillion, or 57%?[2]
Now, President Biden has introduced a budget that includes a billionaires income tax to finally start taxing wealth like work. It’s time for billionaires to start paying taxes each year on their wealth gains just like workers pay on our wages.
The President’s plan would raise at least $360 billion over 10 years[3] while Sen. Ron Wyden’s Billionaires Income Tax would raise at least $550 billion.[4]
This new revenue would help working families afford healthcare, childcare, eldercare, education, housing and more. It could also help us transition to a clean energy economy to fight climate change.
Thank you for fighting to unrig our tax system and make the rich and corporations start paying their fair share.
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “Summary of ProPublica’s Report on Billionaire Tax Dodgers,” Americans for Tax Fairness, July 23, 2021
[2] “After 2 years of Covid, U.S. Billionaires are $1.7 trillion, or 57%, richer,” Americans for Tax Fairness, March 11, 2022
[3] “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” Department of the Treasury, March, 2022
[4] “Wyden Statement on Billionaires Income Tax Score,” U.S. Senate Committee on Finance, Nov. 5, 2021
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