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John,
We’re on the verge of passing one of the most consequential tax and investment plans in our lifetime, which would begin to make the rich and corporations start paying their fair share. But one aspect of the bill―the Millionaires Surcharge―could be on the chopping block.
According to Business Insider, this additional tax on incomes over $10 million “has fallen out of the spending bill.”[1] Our lobbyists are getting conflicting reports from Capitol Hill. We must keep fighting until it passes!
Write to your senators right now and urge them to enact this tax on incomes of the top 0.02%, which has already been passed by the House!
At a time when the wealth of millionaires and billionaires is growing exponentially, it’s time to unrig our tax code to invest in our communities and our future.
Thank you,
Maura Quint
Campaign Director
Americans for Tax Fairness Action Fund
[1] “Senate Democrats are edging closer to a deal with Manchin to resurrect Biden's economic agenda. They'll face Sinema next.,” Business Insider, July 2, 2022
John,
The U.S. Senate is in the final stages of crafting a $1 trillion or more tax and investment package, a version of which has already passed the House of Representatives. A tax reform we have led the charge for, a Millionaires Surcharge, which was included in the House bill is in danger of being seriously weakened or cut all together.
We can only stop that from happening with your help.
Write to your U.S. senators right now and demand they include the Millionaires Surcharge in the tax and investment plan being negotiated right now. It’s time for multi-millionaires and billionaires to pay their fair share!
In a divided country, it’s hard to find issues that unite us. But one such issue that’s supported by 73% of voters is the Millionaires Surcharge.[1]
This is an additional 5% tax on incomes over $10 million and an extra 3% tax on incomes over $25 million. It only applies to the richest 0.02% of income earners. The rest of us―the bottom 99.98%―wouldn’t pay a dime more in taxes.[2]
There are media reports indicating that it could be weakened with a big tax loophole or even stripped out of the Senate bill altogether.[3] That would eliminate $230 billion in revenue that could be used to lower the cost of healthcare for millions of working people and families or address the urgent climate crisis.
Click here to send a message directly to your U.S. senators and demand they pass the Millionaires Surcharge in the tax and investment plan this summer!
The Millionaires Surcharge is similar to the Millionaires Surtax, originally proposed by Americans for Tax Fairness and our allies Sen. Chris Van Hollen (D-MD) and Rep. Don Beyer (D-VA) in 2019.[4]
It’s the one reform from the House-passed tax plan under consideration that will directly tax the ultra-wealthy. We have a great opportunity to start unrigging our tax code. Let’s demand the Senate act!
If this plan is voted on by September 30th, Democrats will only need 50 votes to pass it. That means we need every single Democrat on board!
Thank you for taking action today to fight for a tax system that holds the rich accountable and invests in our future.
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “Millionaires Surtax: A Winning Issue for 2020,” https://surtax.org/, Nov. 7, 2019
[2] “U.S. Senate Must Preserve Millionaires Surcharge in House-Passed Build Back Better Plan,” Americans for Tax Fairness, June 1, 2022
[3] “Senate Democrats are edging closer to a deal with Manchin to resurrect Biden's economic agenda. They'll face Sinema next.,” Business Insider, July 2, 2022
[4] Millionaires Surtax website, https://surtax.org/
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