John,

It’s time to end our rigged tax system that allows billionaires to pay a lower tax rate than teachers and firefighters. The Billionaire Minimum Income Tax Act, being introduced this week by Reps. Steve Cohen (TN) and Don Beyer (VA), will ensure every household worth more than $100 million is paying a tax rate of at least 20% on their full income, each year.

Click here to write to your U.S. Representative and urge them to sign-on now.

This tax will raise $360 billion from the richest 0.01%.[1] Those funds could be used to make healthcare more affordable for working families, help millions of families afford childcare so they can afford to go to work, and help shift to a clean energy economy to put the brakes on climate change.

Check out Frank’s email below for more details on how we’re working alongside our champions in Congress to create a tax code and economy that works for everyone, not just the wealthy few.

Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund

[1] “President’s Budget Rewards Work, Not Wealth with new Billionaire Minimum Income Tax,” The White House, March 28, 2022

-- Frank's email --

John,

Even with Senator Joe Manchin’s obstruction of President Biden’s tax and investment plan, Democrats aren’t giving up on implementing policies that make the ultra-rich pay their fair share―especially not in a critical election year.

Later this week, Reps. Steve Cohen (TN) and Don Beyer (VA) are preparing to introduce the Billionaire Minimum Income Tax Act, based on a plan recently proposed by President Biden. This tax would raise at least $360 billion over ten years from America’s wealthiest 20,000 households―the richest 0.01%.[1]

Send a message to your U.S. Representative and urge them to become an original co-sponsor of the Billionaire Minimum Income Tax Act before it’s introduced later this week!

The Billionaire Minimum Income Tax will ensure that every household worth over $100 million is paying an effective tax rate of at least 20% on their full income each year―that includes the income they currently report on their taxes as well as the gains on their unsold assets such as stocks.

Right now, many millionaires and billionaires derive most of their income from investments, not a paycheck. But they have to sell those investments to get taxed, which many don’t do. Instead, they borrow against those assets at low-interest rates to enjoy a lavish lifestyle.

Think about it: America’s 740 billionaires saw their wealth increase by $2 trillion, or 70%, during the first two years of the pandemic, but most of those investment gains went untaxed because they hoarded it rather than sell it.[2] And if they pass those investment gains on to their heirs they don’t have to pay taxes on them either. It’s how dynasties get built!

Reps. Cohen and Beyer’s new Billionaire Minimum Income Tax Act would help fix our broken tax system that favors income from wealth over work, allowing millionaires and billionaires to avoid paying their fair share in taxes.

We are hoping to make a big splash with this legislation by getting lots of co-sponsors and encouraging members of Congress to make billionaire wealth gains, the low tax rates paid by most billionaires, and the threat billionaires buying elections poses to our democracy a major focus this election.

That’s why we need you to click here to write to your U.S. Representative and urge them to become an original co-sponsor of the Billionaire Minimum Income Tax Act before it’s introduced later this week.

The overwhelming majority of the American people favor taxing the extreme wealth gains of the richest 0.01%. We’re keeping the pressure on Congress to act.

Thank you,

Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund

[1] “President’s Budget Rewards Work, Not Wealth with new Billionaire Minimum Income Tax,” The White House, March 28, 2022
[2] “Report: This Tax Day, America’s Working Families Are Paying Their Fair Share But America’s Billionaires Are Not,” Americans for Tax Fairness, April 14, 2022