From Americans for Tax Fairness (https://americansfortaxfairness.org/):
There’s one issue that raises support for President Biden’s Build Back Better plan by 29%.[1] The Billionaires Income Tax.
Write to your members of Congress at https://actionnetwork.org/letters/demand-congress-tax-billionaire-wealth-by-including-the-billionaires-income-tax-in-the-build-back-better-plan and demand they tax wealth like work and include the Billionaires Income Tax in the Build Back Better legislation currently being negotiated between the House and Senate.
Right now, even if Democrats are successful in paying for the Build Back Better Act through critically needed tax increases on the rich and corporations, many billionaires could get away scot-free. That’s because most billionaires’ income comes from the growing value of their wealthy investments, not from a paycheck. The rich have to sell those investments to get taxed, which many don’t do. Instead, they borrow against those assets at low-interest rates to enjoy a lavish lifestyle.
It’s time to unrig our tax system and that starts by taxing the extreme wealth gains of America’s 700+ billionaires!
Did you know that during the first 17 months of the pandemic, billionaires saw their wealth increase by $1.8 trillion―or 62%?[2] That boost in wealth alone could pay for more than half of the president’s 10-year $3.5 trillion Build Back Better plan.
It would be a moral outrage if these extremely fortunate few did not pay more in taxes under the Build Back Better legislation!
[1] “Supermajority & Bipartisan Support for the Billionaires Income Tax,” Americans for Tax Fairness, October 5, 2021 [2] American Billionaires Got 62% Richer During Pandemic―Almost All That Wealth Growth Will Go Income-Tax Free, Showing Need for Biden’s Tax Reforms & Investment Plans,” Americans for Tax Fairness, August 24, 2021
Leave a Reply