Discover and read the best of Twitter Threads about #billionairesincometax
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BREAKING: America's billionaires have officially grown $2 trillion (70%) richer during the pandemic
March 2020: 614 billionaires worth $2.9 trillion
October 2021: 745 billionaires worth $5 trillion
They pay an effective tax rate of 8%, per WH. We need to tax billionaire wealth.
March 2020: 614 billionaires worth $2.9 trillion
October 2021: 745 billionaires worth $5 trillion
They pay an effective tax rate of 8%, per WH. We need to tax billionaire wealth.
FYI, there's a plan for that.
@RonWyden's #BillionairesIncomeTax would treat billionaires' huge wealth gains as income so they pay their fair share on what they make just like the rest of us.
URGENT ACTION: Tell Congress to pass it in #BuildBackBetter 👇 actionnetwork.org/letters/take-a…
@RonWyden's #BillionairesIncomeTax would treat billionaires' huge wealth gains as income so they pay their fair share on what they make just like the rest of us.
URGENT ACTION: Tell Congress to pass it in #BuildBackBetter 👇 actionnetwork.org/letters/take-a…
The $5 trillion in wealth now held by 745 billionaires is two-thirds more than the $3 trillion in wealth held by the entire bottom 50% of U.S. households.
Their $2.1 trillion 19-month wealth growth could pay for 60% of President Biden's ten-year #BuildBackBetter agenda.
Their $2.1 trillion 19-month wealth growth could pay for 60% of President Biden's ten-year #BuildBackBetter agenda.
THREAD: There's a new plan in Congress to make billionaires pay their fair share in taxes like the rest of us do.
(President Biden has already given it his stamp of approval!)
It's called the "Billionaires Income Tax." Here's how it works 👇
wsj.com/articles/biden…
(President Biden has already given it his stamp of approval!)
It's called the "Billionaires Income Tax." Here's how it works 👇
wsj.com/articles/biden…
Every year, working people pay taxes on income they make from wages.
But most billionaires don't get paychecks or earn an income. They make money off the growing wealth of their stocks, businesses, real estate and other assets.
They also don't pay taxes the same way we do.
But most billionaires don't get paychecks or earn an income. They make money off the growing wealth of their stocks, businesses, real estate and other assets.
They also don't pay taxes the same way we do.
In fact, they can go years (or forever) without paying tax on their wealth gains at all.
As long as they don't sell their stock/business/real estate, they'll make money tax-free.
This is how they only pay an effective federal income tax rate of about 8%.
whitehouse.gov/omb/briefing-r…
As long as they don't sell their stock/business/real estate, they'll make money tax-free.
This is how they only pay an effective federal income tax rate of about 8%.
whitehouse.gov/omb/briefing-r…
