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…
And the top tax rate the rich pay on income from assets is about HALF the top rate people pay on wages.
Billionaires pay an 8% effective tax rate. Teachers & nurses pay a 14% effective rate.
Yes, your third grade teacher is probably paying a higher tax rate than Elon Musk.
Billionaires pay an 8% effective tax rate. Teachers & nurses pay a 14% effective rate.
Yes, your third grade teacher is probably paying a higher tax rate than Elon Musk.
Jeff Bezos' wage income is only about $80k, but he got $85 BILLION richer during the pandemic.
But since only his income is taxed, his tax rate would be about the same as a nurse's.
The #BillionairesIncomeTax would fix that by treating Bezos' huge wealth gains as income, too.
But since only his income is taxed, his tax rate would be about the same as a nurse's.
The #BillionairesIncomeTax would fix that by treating Bezos' huge wealth gains as income, too.
.@RonWyden's #BillionairesIncomeTax is the only proposal that'd specifically make billionaires pay more taxes to build back better.
With it, billionaires will pay taxes on the $1.8 trillion they gained during the pandemic.
If it's left out, their wealth gains won't be touched.
With it, billionaires will pay taxes on the $1.8 trillion they gained during the pandemic.
If it's left out, their wealth gains won't be touched.
On Friday, @POTUS was asked if he supports @RonWyden's proposal to make billionaires pay their fair share.
"Yes," he said, "I do."
The White House knows it's time for billionaires to pay their fair share. So does the American public.
So let's get it done.
"Yes," he said, "I do."
The White House knows it's time for billionaires to pay their fair share. So does the American public.
So let's get it done.
If we want to build back better with an economy that works for working people, we need the #BillionairesIncomeTax included in the budget package.
It's about tax fairness, but it's also about raising trillions to invest in care, climate, and jobs.
THIS is how we "pay for it."
It's about tax fairness, but it's also about raising trillions to invest in care, climate, and jobs.
THIS is how we "pay for it."
Now is the time for all hands on deck.
If you agree that our tax code should #RewardWorkNotWealth and make billionaires pay their fair share on their huge wealth gains, write to your members of Congress right now 👇
actionnetwork.org/letters/take-a…
If you agree that our tax code should #RewardWorkNotWealth and make billionaires pay their fair share on their huge wealth gains, write to your members of Congress right now 👇
actionnetwork.org/letters/take-a…
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