Hi,
Regardless of who comes out on top after the midterms, Elon Musk will
still own Twitter. Jeff Bezos owns the Washington Post. As long as we have
oligarchs owning our media, it's going to reflect their interests: not
those of everyday people.
Billionaires like Elon Musk privatize benefits but socialize costs by not
paying their fair share in taxes like the rest of us. As their wealth
balloons, so does their power — over our media, our democracy, our economy
and our lives.
[ [link removed] ]Sign the petition: Tell Congress it’s time to start taxing
billionaires’ wealth!
[ [link removed] ]ADD YOUR NAME
It’s no surprise that the majority of Americans support raising taxes for
billionaires.^2 We’ve watched as billionaire wealth has ballooned — by as
much as 62% — during the pandemic.^2 Jeff Bezos made $70 billion; Bill
Gates profited $18 billion; and Musk himself made $140 billion.^4 Across
the board, billionaires profited off the pandemic while millions of
Americans struggled to make ends meet.
Yet the billionaire class pays less in taxes than most ordinary
Americans.^3 President Biden explained last year that the problem is that
our tax code considers income but not wealth. Billionaires exploit the tax
system by keeping their money in the stock market, where it’s “taxed at a
preferred rate—if it’s ever taxed at all.”^3
That needs to change. We need a tax on billionaires’ wealth so ordinary
people aren’t forced to subsidize billionaires!
[ [link removed] ]Sign the petition: Tell Congress it’s time to start taxing
billionaires’ wealth!
Thanks for taking action,
Izzi and the team at Demand Progress
[ [link removed] ]DONATE
Sources:
1. New York Times, “Elon Musk Completes $44 Billion Deal to Own Twitter,”
[ [link removed] ]October 27, 2022.
2. Institute for Policy Studies, “U.S. Billionaires Got 62 percent Richer
During Pandemic. They're Now Up $1.8 Trillion,” [ [link removed] ]August 24, 2021.
3. White House, “New OMB-CEA Report: Billionaires Pay an Average Federal
Individual Income Tax Rate of Just 8.2%,” [ [link removed] ]September 23, 2021.
4. The Guardian, “Billionaires add $1tn to net worth during pandemic as
their workers struggle,” [ [link removed] ]January 15, 2021.
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