ADD YOUR NAME: Become a grassroots co-sponsor of the “Billionaires Income Tax”
Elon Musk, Jeff Bezos, and Michael Bloomberg famously paid $0 in federal incomes taxes in several recent years. And, according to Americans for Tax Fairness research, 26 top billionaires paid an average income tax rate of just 4.8% over 6 recent years when all their income is counted―far less than many working families.
Today, the richest 1% owns roughly one-third of U.S. wealth while the bottom half of Americans own just 2.5%.
What can we do about these runaway fortunes that are the ultimate symbols of wealth inequality and starve the federal government of the resources needed to invest in working people?
Senate Finance Committee Chair Ron Wyden (D-OR) just introduced the Billionaires Income Tax (BIT), which would ensure that billionaires start paying taxes on their wealth gains each year, just like workers pay on their wages.
According to the Joint Committee on Taxation, the Billionaires Income Tax would raise $557 billion over 10 years and only apply to taxpayers whose net worth either exceeds $1 billion or whose income exceeds $100 million for three consecutive years. It would be applied annually to the increased value of easily priced assets like stocks, and to the increased value of harder to price assets like private businesses when they are sold.
Since 2018, when the Trump-GOP tax scam went into effect, America’s 741 billionaires have seen their wealth skyrocket by an astounding $2.3 trillion―or 78%. Combined, America’s wealthiest households are now worth $5.2 trillion, but they too often pay only a fraction of the income-tax rate paid by many working people.
Add your name now to become a grassroots co-sponsor of the Billionaires Income Tax and demand billionaires pay income taxes every year, just like working people do.