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John,
President Biden just released his fiscal year 2024 budget and it draws the clearest contrast yet with House Republicans’ plans to cut critical programs while protecting the lavish lifestyles of their millionaire and billionaire donors.
The Biden budget supports seniors and working families over wealthy special interests by strengthening Medicare and helping make healthcare, childcare and other necessities more affordable. It will all be paid for by requiring the rich and corporations to pay their fair share of taxes, and it will reduce the deficit by $3 trillion. No one making less than $400,000 a year will pay more in taxes.
Included in the Biden budget is the Billionaire Minimum Income Tax, which would end the scandal of billionaires not paying a dime in taxes or paying a lower tax rate than nurses, firefighters and teachers.
The Billionaire Minimum Income Tax would raise nearly $440 billion over 10 years by ensuring households worth over $100 million pay at least a 25% tax rate on their wealth gains each year, including the growth of their investments.[1]
According to polling, 74% of likely voters support the Billionaire Minimum Income Tax―and that it includes a majority of Democrats, Republicans, and Independents.[2]
It’s up to us to get Congress to support the Billionaire Minimum Income Tax to ensure critical programs are funded to help working families afford healthcare, childcare, housing, pre-K education and college, and so much more. Taxing millionaires, billionaires and big corporations is the way to do it! Chip in today to fight for the Billionaire Minimum Income Tax.
Over the last five years the number of American billionaires rose from 590 to 713, and their cumulative wealth grew by $1.2 trillion—or 40%.[3] 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, billionaires such as Jeff Bezos, Elon Musk and Michael Bloomberg paid zero federal income taxes in some years—even as the gains they generated from their wealth grew by billions of dollars.[4] 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.[5] That’s less than the 14% average federal income tax rate for all taxpayers.[6]
Americans for Tax Fairness Action Fund has been leading the national effort to pass the Billionaire Minimum Income Tax and an overwhelming majority of Americans are with us.
Pitch in today to demand Congress pass the Billionaire Minimum Income Tax now!
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Together, we’re fighting for a tax system and economy that works for everyone, not just the wealthy few.
Thank you,
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “Biden’s Budget and Tax Plan Favors Working Families and Draws Stark Contrast with GOP Priorities,” Americans for Tax Fairness, Mar. 9, 2023
[2] “Polling Compilation: Billionaires Income Tax Plans,” Americans for Tax Fairness, Oct. 5, 2022, and Impact Research Polling Memo, Sept. 20, 2022
[3] Americans for Tax Fairness analysis of Forbes billionaire data from Feb. 9, 2018 through Dec. 31, 2022
[4] “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax,” ProPublica, June 8, 2021
[5] “What Is the Average Federal Individual Income Tax Rate on the Wealthiest Americans?” The White House, Sept. 23, 2021
[6] “Summary of the Latest Federal Income Tax Data, 2023 Update,” Tax Foundation, Jan. 26, 2023
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