Hi,

Our income tax system is broken in this country. The wealthiest Americans pay essentially the same tax rate as the absolute poorest.

This is the result of removing so many of our top tax brackets. Right now, someone who makes $100,000,000 pays the same 37% tax rate as someone who makes $650,000. Congress can undo these egregious tax breaks for the ultra wealthy by passing the End the Bracket Racket Act and enforce an actually progressive income tax that sets the highest rates for the highest earners.1

Sign the petition: Tell Congress to pass the End the Bracket Racket Act and make sure that the country’s highest earners pay the highest tax rates!

It’s no surprise that the tax brackets have almost exclusively been cut at the highest income levels. One hundred years ago America had 50 income tax brackets. That number was slowly whittled away until Ronald Reagan passed the Tax Reform Act of 1986 and slashed it to two. TWO. It has since crawled back up to seven brackets, but that still is not enough because there is still a massive hole at the highest income levels.

The End the Bracket Racket Act would increase that number to twelve by adding brackets at the top. Right now, the highest bracket maxes out at $648,000. This is why someone who makes $100,000,000 pays the same 37% tax rate as someone who makes $650,000. Pass the End the Bracket Racket Act and all of a sudden that multi-millionaire is in a bracket with a 90% tax rate!2

The way things currently are, a family with barely enough income to cover basic living expenses is paying the same rate in taxes as mega-millionaires and billionaires. According to an extensive analysis published in the book The Triumph of Injustice, when all taxes are taken into account, a household in the top 1% has a total tax rate essentially equal to a household in the bottom 50%.3 That alone justifies the need for passing the End the Bracket Racket Act.

Sign the petition: Tell Congress that they must pass the End the Bracket Racket Act!

Thanks for taking action,

Miguel and the team at Demand Progress

Sources:
1. Fortune, “We need a tax bracket and rate overhaul” October 20, 2022.
2. Patriotic Millionaires, "End the Bracket Racket Act" 2022
3. OECD, "The Triumph of Injustice" 2019

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