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Americans For Tax Fairness

@4TaxFairness

Jan 21

BREAKING: New analysis finds that America's 661 billionaires pumped $1,200,000,000 into the 2020 elections.

That's double what they contributed in 2016, and 39x more than they contributed before Citizens United was decided.

It's been 12 years. It's time to #EndCitizensUnited.

But wait, there's more.

661 billionaires gave about $1 out of every $10 (9%) contributed in the 2020 election cycle.

As recently as 2010, billionaires gave *less than 1%* of all donations.

That was before the Citizens United decision.

Almost 40% of billionaire campaign contributions made since 1990 came during the 2020 election.

That's partly because billionaires' wealth grew by 1/3 between the pandemic's start and October of that year.

The richer billionaires get, the more distorted our democracy becomes.

Read 5 tweets

Americans For Tax Fairness

@4TaxFairness

Jan 19

BREAKING: The collective wealth of America's 10 richest billionaires has more than DOUBLED during the pandemic.

That breaks down to $1 billion every day.

Each made about the same in a single minute as the average American household earns in an entire year.

This can't continue.

@Oxfam

We crunched the numbers after our friends at @Oxfam reported that the wealth of the world’s ten wealthiest billionaires also doubled while incomes fell for 99% of the world, 160 million were forced into poverty, and 21,000 died per day.

Economic inequality is killing us.

During the pandemic, the U.S. minted a new billionaire every 6 days.

The richest 156 U.S. billionaires now hold the same amount of wealth as the entire bottom 1/2 of American households.

But somehow we "can't afford" to make investments in working families in Build Back Better.

Read 6 tweets

Americans For Tax Fairness

@4TaxFairness

Nov 1, 2021

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.

@RonWyden

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.”

Read 4 tweets

Americans For Tax Fairness

@4TaxFairness

Oct 18, 2021

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.

Read 5 tweets

Americans For Tax Fairness

@4TaxFairness

Sep 28, 2021

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

Aug 24, 2021

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.

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