John,

Billionaires are spending their vast fortunes to further rig our economy and undermine our democracy―spending hundreds of millions of dollars to elect candidates who will lower their taxes while taking away our rights.

In fact, Americans for Tax Fairness reporting shows that billionaires spent at least $900 million in the recent midterm election―a drop in the bucket when you consider America’s 700+ billionaires saw their wealth skyrocket by $2 trillion during the first two years of the pandemic.[1][2]

Write to your U.S. representative right now and urge them to become a cosponsor of the Billionaire Minimum Income Tax Act (H.R. 8558), which would ensure that every household worth over $100 million is paying an effective tax rate of at least 20% on their full income each year, not just when they feel like it.

Because many ultra-millionaires and billionaires derive most of their income from investments, not a paycheck, they can go years, if not forever, without paying income taxes on their wealth gains. Right now, their gains are only taxed when they sell their investments, but they never have to sell to tap into that income. They can simply borrow against their gains and live tax-free.

But, when we pass President Biden’s Billionaire Minimum Income Tax Act, every household worth over $100 million will pay an effective tax rate of at least 20% on their full income each year.

Write to your representative right now and urge them to become a cosponsor of the Billionaire Minimum Income Tax Act (H.R. 8558), to ensure the richest households pay taxes each year, just like working people pay on our wages.

Thank you for taking action today,

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

[1] “Report: Billionaire Money in the 2022 Election,” Americans for Tax Fairness, Nov. 2, 2022
[2] “This Tax Day, America’s Working Families are Paying Their Fair Share, But America’s Billionaires Are Not,” Americans for Tax Fairness, Apr. 14, 2022

-- FRANK’S EMAIL --

John,

In the recent midterm election, billionaires spent an eye-popping $900 million―mostly to elect right-wing candidates who want to undermine our democracy and lower taxes on the wealthy and corporations.[1]

How do we limit billionaires’ influence in our elections? President Biden’s Billionaire Minimum Income Tax, introduced in the U.S. House of Representatives, would ensure that every household worth over $100 million is paying an effective tax rate of at least 20% on their full income each year. This would mean less money to pollute our elections and more money for critical programs to lower healthcare, childcare, housing and other costs for working families.

Right now, there are 50 cosponsors in the House of Representatives. Can we double the number of cosponsors on the Billionaire Minimum Income Tax Act (H.R. 8558), before Congress adjourns for the year?

Write to your U.S. representative right now and urge them to become a cosponsor today!

During the first two years of the pandemic, America’s 700+ billionaires saw their wealth skyrocket by $2 trillion—or 70%.[2] Yet, many billionaires don’t pay close to their fair share of taxes and typically pay a lower average tax rate than many working families.

According to IRS data, in multiple years billionaires such as Jeff Bezos, Elon Musk, Warren Buffett and Michael Bloomberg paid zero federal income taxes even as the gains they generated from their wealth grew by billions of dollars.[3] Over a recent nine-year period, the 400 richest billionaires paid an average effective federal income tax rate of only 8.2% when the growth in the value of their stock holdings is included in their income.[4] That’s less than the 13.3% average federal income tax rate for all taxpayers.[5]

The Billionaire Minimum Income Tax could raise at least $360 billion[6]—creating a fairer tax system while lowering costs for working people on healthcare, childcare, housing and more. Send a message to your representative and urge them to become a cosponsor of the Billionaire Minimum Income Tax Act (H.R. 8558) today!

We only have a few weeks left before Congress adjourns for the year. Let’s keep building support to ensure billionaires pay taxes on their wealth gains each year, just like working people pay on our wages.

Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund

[1] “Report: Billionaire Money in the 2022 Election,” Americans for Tax Fairness, Nov. 2, 2022. The $900 million was as of Sep. 30, the amount is likely to exceed $1 billion through Election Day.
[2] “This Tax Day, America’s Working Families are Paying Their Fair Share, But America’s Billionaires Are Not,” Americans for Tax Fairness, Apr. 14, 2022
[3] “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax,” ProPublica, June 8, 2021
[4] “What Is the Average Federal Individual Income Tax Rate on the Wealthiest Americans?” The White House, Sept. 23, 2021
[5] “Summary of the Latest Federal Income Tax Data, 2022 Update,” Tax Foundation, Jan. 20, 2022
[6] “President’s Budget Rewards Work, Not Wealth with new Billionaire Minimum Income Tax,” The White House, Mar. 28, 2022