[ [link removed] ]Turn on images to see some billionaires.

Today is Tax Day. If you paid your fair share of taxes, this will be hard
to hear: America's 740 billionaires got $2 trillion richer over the first
two years of the pandemic. But because of a big tax loophole, many have
paid little to no federal income taxes on those gains.

Senator Ron Wyden, Senator Elizabeth Warren, and recently President Biden
have all proposed solutions to this loophole -- forcing billionaires to
pay taxes every year, and raising half-a-trillion dollars for needed
investments in child care, universal pre-k, climate investment, and more.

Today, a giant coalition is calling on Congress (ahem, Joe Manchin) to act
now. We are one vote away from this becoming a reality.

[ [link removed] ]Sign the petition to Congress: Pass a Billionaire's Income Tax and
require the ultrarich to pay their fair share of taxes!

To put that $2 trillion that billionaires have gained in perspective, it
is more than all of the student loan debt ($1.6 trillion) now held by
people who went to college.

That $2 trillion is more than the 10-year cost ($1.6 trillion) of the
expanded Child Tax Credit. That program lifted 40% of American children
out of poverty. (3.7 million have fallen back into poverty since Congress
the credit expired at the end of last year.)

And that $2 trillion is just the billionaires' gains. These 740
billionaires are collectively worth $5 trillion. They have 50% more wealth
than the 65 million households in the bottom half of American society, who
are collectively worth $3.4 trillion.

Meanwhile, a recent expose by ProPublica found that Jeff Bezos, the
founder of Amazon and the second richest man in the world, paid no income
taxes in two recent years. Elon Musk, the richest man in the world and the
founder of Tesla, a car company, paid no taxes in at least one year.

According to a recent White House study, America’s 400 top billionaires
pay an average federal income tax rate of just 8%. That’s almost half the
13% average income tax rate that all taxpayers pay.

It’s time billionaires started paying their fair share of taxes. And it's
time Congress passed the legislation to make them.

[ [link removed] ]Sign the petition to Congress: Pass a Billionaire's Income Tax and
require the ultrarich to pay their fair share of taxes!

Thanks for being a bold progressive.

-- The PCCC Team ([ [link removed] ]@BoldProgressive)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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