Dear People For supporter,
Income inequality has been growing dramatically in America in recent years, with greater shares of wealth accumulating at the top with billionaires like Elon Musk and Jeff Bezos, while lower-income Americans struggle to pay their bills. The wealth gap in the U.S. is roughly as wide as it was a century ago during the gilded age.[1]
Late last month, President Biden released his proposed budget for 2023, including a long-overdue proposal that calls for a new tax on American households worth more than $100 million. The President’s plan also calls for higher maximum tax rates on corporations – who have seen profits skyrocket to record levels this year.[2]
One of the common ways in which the ultra-wealthy are able to dodge taxes is by simply borrowing against the appreciated value of their assets – producing an income stream that is not subject to the income taxes that the rest of us pay.
Now, however, the President’s proposal -- dubbed the “billionaire minimum income tax” -- would crack down on this scheme by imposing, for families with a net worth in excess of $100 million, a 20% minimum tax on their income as well as unrealized gains in the value of liquid assets like stocks. (This form of taxation is familiar to anyone who owns a home and pays property taxes, which often go up after periodic reassessments.)
It’s long past time for the most fortunate among us to stop dodging the taxes the rest of us pay and contribute their fair share to the system of government that has allowed them to amass such incredible sums of wealth.
Thanks for your activism on this issue,
– Ben Betz, People For’s Digital Team
P.S. After you send a message to Congress, please be sure to share this action alert via email, Facebook and/or Twitter. Thanks!
Sources:
[1] "The new Gilded Age: 2,750 people have more wealth than half the planet." CBS News, 12/7/2021
[2] "U.S. companies post their biggest profit growth in decades by jacking up prices during the pandemic." Fortune, 3/31/2022
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