BREAKING: 250+ millionaires sent a letter to Congress urging them to include a Billionaires Income Tax in the final Build Back Better deal.
"It is neither fair nor smart to limit or exempt the bulk of billionaires’ growth in income from investments from tax reform," they write.
The Build Back Better framework is an enormous step forward to making the wealthy and corporations pay more of their fair share in taxes. But without the Billionaires Income Tax as proposed by @RonWyden, billionaires will still pay much less than their fair share.
"We have a rare opportunity to reform our broken tax code that has for far too long given the very wealthiest ways to avoid paying their share. Now is the time that we can and must create a more fiscally responsible America. Now is the time to pass the Billionaires Income Tax.”
These millionaires aren't worried about being taxed more if they someday become billionaires. They know our tax code is rigged and it's time those at the top paid their fair share.
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.
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.
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.
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.
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.
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.