President Biden has introduced a budget that includes a billionaires income tax to finally start taxing wealth like work.
Tell Congress:
“It’s time to end an unfair tax code that rewards wealth over work. We need you to require the ultrarich to pay their fair share of taxes through a Billionaires Income Tax. This would tax income from wealth as it is earned each year, just like income from wages is taxed. Such a tax would annually tax the rising value of assets like corporate stock, which are the main source of billionaire income and go untaxed for years, decades or even forever. It’s time to create a tax system―and an economy―that works for all of us.”
Wealthy Americans, especially billionaires, keep getting richer and richer while many working families barely keep their heads above water.
Right now, there’s momentum in Congress to pass a billionaires income tax and to use that revenue to help working families afford everything from healthcare to childcare to housing and more.
At a time when billionaires’ collective wealth of $4.6 trillion is one-third more than the bottom half of American society, it’s time to unrig our tax code and demand the rich and corporations start paying their fair share.[1]
Thank you,
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund
[1] “After 2 years of Covid, U.S. Billionaires are $1.7 trillion, or 57%, richer,” Americans for Tax Fairness, March 11, 2022
-- Frank’s email –
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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