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Americans For Tax Fairness

18 Oct, 5 tweets, 3 min read

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.

@RonWyden

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…

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.

Elon Musk is 750% wealthier than he was when the pandemic began in 2020.

Jeff Bezos has gotten 70% richer.

If they paid their fair share on their wealth gains they could still afford to go to space, and they would still be multi-billionaires.

It's time. #BillionairesIncomeTax

@IPS_DC

Read our full report with @IPS_DC here:
americansfortaxfairness.org/issue/u-s-bill…

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More from @4TaxFairness

Americans For Tax Fairness

@4TaxFairness

28 Sep

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…

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.

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…

Read 9 tweets

Americans For Tax Fairness

@4TaxFairness

24 Aug

BREAKING: America's 708 billionaires are now worth $4.8 trillion after gaining $1.8 trillion, up 62%, during the pandemic.

That wealth growth alone could pay for over half of the Democrats' $3.5 trillion budget plan.

Don't tell us we can't afford to invest in working families.

Those who say $3.5 trillion to lower costs for working families and invest in clean energy is "too expensive" are simply not paying attention.

Those who want the package to be "paid for" can look no further.

Yes, we can tax billionaires to Build Back Better. In fact, we MUST.

Thanks to loopholes in our tax code, most of the billionaires' wealth gains will go untaxed until they sell their assets.

So while you paid income taxes on anything YOU may have made during the pandemic, these billionaires may never pay.

This is about basic fairness.

Read 6 tweets

Americans For Tax Fairness

@4TaxFairness

20 Aug

Stop saying the Democrat’s Senate-passed budget is "too expensive."

All $3.5 trillion of President Biden's #BuildBackBetter agenda can be paid for by making the wealthy & corporations pay their fair share in taxes.

Here's what that looks like, in one handy, interactive thread:

President Biden's proposal to raise the corporate tax rate from 21% to 28% raises 💸$858 billion💸

What #BuildBackBetter priorities would YOU put $858 billion towards?

President Biden's proposal to #FundTheIRS and crack down on wealthy tax cheats raises 💸$700 billion💸

What #BuildBackBetter priorities would YOU put $700 billion towards?

Read 6 tweets

Americans For Tax Fairness

@4TaxFairness

14 Jul

BREAKING: Billionaires have gotten $1.8 trillion richer, nearly all tax-free, since the pandemic began.

Don't tell us we can't afford a bold reconciliation package that invests at least $4 trillion in jobs and families, paid for by fairer taxes on the rich and corporations.

@POTUS

That jump in wealth alone is enough to fund @POTUS' entire American Families Plan.

It's half of the cost of the proposed reconciliation package.

Elon Musk's wealth gains alone could pay for ten years of community college AND provide summer meals for low-income students.

These gains will likely never be put to good use, however, because our tax code doesn't tax wealth the way it does work.

In other words, you'll pay your fair share on any paychecks you took home during the pandemic, but these billionaires will pocket their wealth gains tax-free.

Read 6 tweets

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