When billionaires avoid paying their fair share of taxes — as they all do — every day Americans and working families suffer.
John,
When billionaires avoid paying their fair share of taxes — as they all do — every day Americans and working families suffer.
That's why we're proud to know that Jamaal is continuing the fight for economic justice in Congress by introducing the Babies Over Billionaires Act. This bill will require ultra-wealthy taxpayers to pay their fair share of taxes, and it will disproportionately impact the almost 700 billionaires in the country to raise over $1 trillion over 10 years.
John, we need leaders in Congress like Jamaal who are unafraid to challenge the exploitative and broken system responsible for decades of economic inequality. Chip in today to support Jamaal's leadership and support the Babies Over Billionaires Act today.
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Every day we are affected by the costs of the greed of the ultra-wealthy. We're left with less revenue for healthcare, childcare, education, housing, paid parental and family leave, and other key public services that are vital to working families across the country.
The Babies Over Billionaires Act will:
- Annually tax 30% of unrealized wealth-gains of ultra-millionaires from publicly traded capital assets such as stocks.
- Tax 50% of unrealized wealth-gains of ultra-millionaire's private capital assets.
- Mandate that the IRS annually audit filers reporting in excess of $100 million in assets to crack down on rampant tax abuse by the wealthy.
- Invest the revenue raised by this tax in families through programs run by the Department of Education and HHS to support families and children.
During the first two years of the pandemic the wealth of America's almost 700 billionaires grew by over $2 trillion dollars, and continued to rise to over $5 trillion. That increase in wealth is nearly the entire cost of the Build Back Better Act that passed in the House last November.
What's more, key federal programs that invest in the wellbeing and development of children have been deeply underfunded, including the Child and Dependent Child Tax Credit, Title I education, affordable housing, and SNAP benefits. Enough is enough, John.
Jamaal is continuing to cause problems for the status quo and demand that our economy finally work for all of us, not just the privileged few. If you stand with Jamaal in our collective fight for progress, please chip in today in support of his leadership.
In solidarity,
Bowman for Congress
