Sign the petition: Babies Over Billionaires. The ultra-rich must pay their fair share.
When billionaires avoid paying their fair share of taxes, working families suffer. The ability of the ultra-rich to delay, diminish and sometimes eliminate their income tax obligations means less revenue for healthcare, childcare, education, housing, paid parental and family leave, and other public services vital to working families.
Over the last two years during COVID, America’s 740 billionaires grew their fortunes by $2 trillion. They are now worth a collective $5 trillion―nearly 50% more than the bottom half of American society. Meanwhile, 4 million kids slipped back into poverty after the expanded child tax credit payments expired. We have failed to provide families with basic needs.
Rep. Jamaal Bowman (D-NY) has introduced the Babies Over Billionaires Act to require those with over $100 million in assets to pay their fair share by taxing the growth in their investment gains—billionaires’ primary source of income—each year, just like workers’ wages are taxed each year.
Similar legislation proposed by President Biden and by Senator Ron Wyden (D-OR) would raise $360 billion to nearly $560 billion over 10 years. This would provide a major down payment toward the success and well-being of working families.
Specifically, the Babies Over Billionaires Act will annually tax 30% of unrealized gains of ultra-millionaires from publicly traded capital assets, such as corporate stocks, at the prevailing long-term capital gains rate, currently about 24%. It would invest the revenue in providing high-quality public education and making healthcare more affordable. It is time to reinvest in our children.
Sign the petition to your members of Congress: We need the Babies Over Billionaires Act.