In an era of increasingwealth inequality, demands for tax fairness are growing louder. Our current tax system allows billionaires to exploit loopholes, avoiding their fair share of taxes while working Americans bear the financial burden. The ultra-wealthy accumulate wealth through assets that appreciate over time, like real estate and stocks, often paying less taxes than the working class.

Democrats in Congress have introduced two bills to rectify the growing wealth gap in our country exacerbated by an unfair tax system.

The Billionaire Income Tax, introduced by Senate Finance Committee Chairman Ron Wyden, aims to close the loopholes that allow billionaires to avoid paying taxes by targeting the unjust "buy, borrow, die" strategy. With this strategy, billionaires acquire appreciating assets (buy), and then they borrow against these assets to fund lavish lifestyles without incurring tax (borrow). Later, their wealth is passed down, often tax-free (die), perpetuating inequality.

Representatives Steve Cohen and Don Beyer have also reintroduced the Billionaire Minimum Income Tax Act. This act proposes a 25% minimum tax rate on households worth more than $100 million–a base level of taxes every year.

Increasing taxes on billionaires would address inequality and support social programs Americans use every day. Economists support this initiative, recognizing its potential to generate significant revenue with minimal impact on economic growth.

It is time that Congress addresses the continual tax cuts and loopholes for the wealthy. Congress must pass legislation to ensure a fairer tax system where the ultra-rich pay their fair share

Sign the petition to Congress: Make billionaires pay their fair share in taxes!