rich 1.0 Action Network https://actionnetwork.org <link href='https://actionnetwork.org/css/style-embed-v3.css' rel='stylesheet' type='text/css' /><script src='https://actionnetwork.org/widgets/v6/letter/tell-congress-to-pass-the-billionaires-income-tax-3?format=js&source=widget'></script><div id='can-letter-area-tell-congress-to-pass-the-billionaires-income-tax-3' style='width: 100%'><!-- this div is the target for our HTML insertion --></div> Americans for Tax Fairness Action Fund https://actionnetwork.org/groups/americans-for-tax-fairness https://actionnetwork.org//images/generic_facebook.jpg Billionaires have spent years benefiting from a tax code that lets enormous fortunes grow without an annual federal income tax bill on that growth. This election brought a clear demand for change: taxing billionaires topped voters’ tax priorities heading into Election Day. Congress must act on that demand. For families stretching every paycheck to cover rent, groceries, and childcare, the billionaire tax advantage is an insult. A worker’s wages are taxed as they earn them. An ultra-wealthy investor’s stock holdings can increase by millions of dollars without triggering income taxes, as long as the investor holds onto the shares. The wealthy can then borrow against those holdings to access spending money through low-interest loans, without selling their assets. This arrangement allows them to enjoy their growing fortunes while postponing taxes on the investment gains that made that borrowing possible. Congress wrote the rules that permit this special treatment, and Congress can change them. The Billionaires Income Tax would require the ultra-wealthy to pay taxes annually on gains from tradable investments such as stocks. For assets such as real estate and privately held businesses, it would collect taxes upon sale, along with a charge for deferring payment. The legislation would cover people with more than $1 billion in assets or more than $100 million in annual income for three consecutive years. Its sponsors estimate it would affect fewer than 1,000 taxpayers and raise more than $500 billion that could help fund essential services and investments in our communities. Tell your representative and senators to pass the Billionaires Income Tax. Demand that Congress end these billionaire tax privileges and make the ultra-wealthy pay their fair share. https://actionnetwork.org/letters/tell-congress-to-pass-the-billionaires-income-tax-3