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John,
Last week, we helped pass historic legislation that makes billionaire corporations pay more of their fair share and cracks down on millionaire and billionaire tax cheats. That’s a BFD and a good first step. But it’s not the last!
Between now and Election Day, we’re making a Billionaire Minimum Income Tax the next big deal. We want all federal candidates to tell us whose side they are on during this election: do they support making billionaires pay their fair share by passing the Billionaire Minimum Income Tax or do they want to continue with a system that doesn’t tax income from wealth like work?
The Billionaire Minimum Income Tax does that by requiring billionaires to pay taxes every year on the increased value of their assets like corporate stocks, whether they sell them or not. That way the increased value of their wealth will be taxed each year just like workers’ wages are taxed.
ATF is leading the nationwide campaign to build support for the Billionaire Minimum Income Tax, which so far has the support of President Biden and 34 members of the House, including nine committee chairs.
This year, two Corporate Democrats―Joe Manchin and Kyrsten Sinema―were able to limit the historic tax policies we were able to pass to unrig our tax code. We need to hold their feet to the fire and get more champions in Congress who support reforms such as a Billionaire Minimum Income Tax. So donate today!
Thank you for fighting to hold millionaires and billionaires accountable, demanding they pay more of their fair share.
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund
-- Frank's email --
John,
The Inflation Reduction Act passed the House last week without a single Republican vote. That’s because while Republicans are happy to propose tax increases on working people and the poor,[1] they hate taxing millionaires, billionaires, and billionaire corporations—plus, they love Big Pharma and don’t believe in climate change!
The Inflation Reduction Act is just a starting point in unrigging our tax system.
Next up: Let’s make the Billionaire Minimum Income Tax (H.R. 8558) a big focus of the midterm elections so we can pass it during the next session of Congress.
The bill will not just ensure that America’s roughly 750 billionaires pay taxes each year on their investment gains just like you and I pay on our income, it’ll also rein in the undue influence that billionaire money plays in our elections.
Donate today to keep unrigging our tax code and fight for the Billionaire Minimum Income Tax! It’s time for billionaires to start paying their fair share in taxes, just like you and I do.
Right now, in Senate races from Arizona to Georgia to Nevada, Ohio and Wisconsin, billionaires are spending millions through super PACs to elect right-wing candidates who want to maintain our rigged tax system while destroying our democracy and our planet.
They want to continue to receive massive tax handouts while undermining popular programs like Social Security. For example, PayPal and Facebook billionaire Peter Thiel has spent $15 million in each of two states bankrolling right-wing U.S. Senate candidates who won their primaries: election-denier J.D. Vance in Ohio[2] and election-denier Blake Masters in Arizona, who wants to privatize Social Security.[3][4]
When billionaires are made to pay their fair share in taxes each year on their outrageous wealth gains, they’ll have less to spend buying politicians and our democracy.
Donate today to use this week’s tax fairness victory to propel us to our next victory: passing the Billionaire Minimum Income Tax!
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
This week was a historic first step. Let’s make sure it’s not the last.
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “Talking Points: Sen. Rick Scott’s “11 Point Plan to Rescue America,” Americans for Tax Fairness, April 28, 2022
[2] “Peter Thiel puts another $3.5 million behind Blake Masters in Arizona,” The Washington Post, May 24, 2022
[3] “Trump-backed Blake Masters looks set to win Arizona’s Republican Senate primary with $15 million in help from Peter Thiel,” Market Watch, August 2, 2022
[4] https://twitter.com/zhenryaz/status/1540232724325318656
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