Tell Congress: Stop America’s wealthiest family dynasties from dodging TRILLIONS OF DOLLARS in estate and gift taxes
America’s wealthiest family dynasties―like the Waltons and Kochs―are set to pass $21 trillion on to their heirs over the next two decades virtually tax free, according to a new report from Americans for Tax Fairness. Due to enormous estate and gift tax loopholes they could dodge trillions of dollars over the next 24 years, perhaps as much $8.4 TRILLION.
These tax loopholes were written into law by clever tax lawyers and members of Congress. They are allowing the ultrarich to hoard historic levels of untaxed wealth, while we’re told that we “can’t afford” critical programs like paid leave, universal preschool, and the expanded Child Tax Credit.
Just half of the $8.4 trillion these dynastic families may avoid in taxes could pay for 24 years of the expanded Child Tax Credit, which is benefiting more than 60 million children and last year reduced childhood poverty by nearly 40%.
Since 2000, estate taxes paid have dropped from $24.4 billion to just $9.3 billion―and have declined by half since the 2017 Trump-GOP tax scam. We’re fighting alongside our champions in Congress such as Senators Bernie Sanders and Elizabeth Warren to close tax loopholes abused by the richest 1%.
Sign the petition today demanding Congress close Estate Tax and Gift Tax loopholes that allow America’s wealthiest families to pass on their dynastic wealth virtually tax free.