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.

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.

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 (@BoldProgressive)

Get progressive stickers, buttons, t-shirts, and more at the PCCC Store. Click here!

FOLLOW US: