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John,
Elon Musk’s purchase of Twitter is the ultimate billionaire power grab.
Musk, like Rupert Murdoch before him, is seeking to control information, and with it control our democracy. But, if Musk had been paying taxes all along on his massive wealth gains, he might have thought twice about dropping $44 billion on Twitter this week.
According to an expose last year by ProPublica, based on IRS data, Musk and other top billionaires paid zero federal income tax in several recent years. And it determined that the top 25 billionaires paid just a 3.4% tax rate between 2014 and 2018 when the growth in their wealth is counted as income.[1]
The Billionaire Minimum Income Tax would end the scandal of billionaires paying little to no federal income taxes by taxing the growth in the value of stocks and other assets every year like the income from your wages are taxed. We’re leading the campaign to get this legislation passed alongside our champions in Congress and President Biden. The growth in a billionaire’s wealth should be taxed every year, not just when they feel like it.
Click here to power our work and hold Elon Musk accountable by voting for Americans for Tax Fairness in CREDO’s October voting. Every vote we receive through October 31st will result in more funding to fight for the Billionaire Minimum Income Tax and hold Elon Musk and his fellow billionaires accountable.
CREDO is a cell phone company whose members donate a small portion of their monthly bill to support impactful nonprofits. Each month, grassroots activists and CREDO members get to choose how $83,333 in donations are distributed among three groups. Each group gets a percentage share of the total grant based on how many votes they get.
Right now, we’re trailing one of our competitors by 6 points. Help us make up that gap between now and midnight on October 31st. Vote for Americans for Tax Fairness today!
Whether it’s billionaires buying elections or controlling information, we’re fighting back, demanding that they pay their fair share in taxes. When they do, they’ll have a lot less money and influence to throw around to corrupt our politics and our democracy.
Thank you,
Andrea Haverdink
Digital Director
Americans for Tax Fairness
[1] “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax,” ProPublica, Jun. 8, 2021
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