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-robinhood-act?format=js&source=widget'></script><div id='can-letter-area-tell-congress-to-pass-the-robinhood-act' 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 turned the tax code into a luxury escape tunnel. They buy or receive assets, watch those assets soar in value, borrow against them tax-free, and use the loans to fund lavish lifestyles without selling the assets or paying capital gains taxes. This scheme is called “buy, borrow, die.” It is one of the clearest examples of how the tax code is rigged for the ultra-rich. Working people pay taxes on wages with every paycheck. Billionaires can live off borrowed money while their wealth keeps compounding and their tax bills stay artificially low. A ProPublica investigation found that America’s 25 richest individuals paid an average effective tax rate of just 3.4%. That kind of tax rate is not available to teachers, nurses, construction workers, hospitality workers, grocery clerks, or firefighters. It is available to the ultra-rich because they can turn untaxed wealth into tax-free cash through loans backed by appreciated assets. Sen. Ruben Gallego and Rep. Dan Goldman have introduced the ROBINHOOD Act to crack down on this billionaire loophole. The bill would treat certain loans taken out by ultra-wealthy taxpayers as realization events, requiring them to recognize long-term capital gains equal to the loan amount and pay taxes accordingly. The bill is targeted at taxpayers with more than $100 million in income or more than $1 billion in assets. It also includes rules to stop billionaires from dodging the law through pass-through entities, long-term leases, and complicated ownership structures. This is a serious fix for a serious abuse. Congress should stop allowing billionaires to borrow against massive fortunes tax-free while working families pay taxes out of every paycheck, carrying the cost of public services. Pass the ROBINHOOD Act. Close the “buy, borrow, die” loophole. Make the ultra-rich pay their fair share. Tell the House and Senate to pass the ROBINHOOD Act now. https://actionnetwork.org/letters/tell-congress-to-pass-the-robinhood-act