BREAKING: America's billionaires have officially gotten $2 TRILLION richer during the pandemic, largely tax-free

Elon Musk's wealth alone shot up by 1,080%

Workers struggling to afford gas, groceries, healthcare are paying their fair share this Tax Day. Billionaires should too.
Billionaire wealth growth is doing great in this economy.

Jeff Bezos ⬆️ 68%
Elon Musk ⬆️ 1080%
Larry Page ⬆️ 134%
Warren Buffett ⬆️ 84%
Steve Ballmer ⬆️ 89%
Charles Koch ⬆️ 65%
Walton family ⬆️ 26%

Corporate profits are at record highs, too.
axios.com/corporate-prof…
Billionaire wealth and corporate profits are directly connected. How? Billionaires don't take a paycheck like you and I do. They make their money in stocks—and they can go decades without paying taxes on that income because right now, it's only taxed when the stocks are sold.
This is what we're talking about when we say we need a billionaires income tax.

Why should billionaires pay little or no taxes when they sit on the couch and watch their stocks go up, while working families pay their fair share every year on every paycheck?
Billionaires are taking joyrides to space and buying superyachts. Elon Musk trying to buy Twitter for fun. There are 127 new billionaires since the pandemic began.

Pretty sure they'll all be fine if we ask them to pay up each year on the income they've gained.
"But that money isn't in the bank."

Billionaires are borrowing against those wealth gains to secure sweetheart low-interest loans. That money is in fact very, very real. And they can keep doing it until they die and pass it onto their heirs tax-free.

It's called buy-borrow-die.
President Biden and Senate Finance Chair @RonWyden have both proposed plans for a billionaires income tax.

We're leading the outside charge to make billionaires pay their fair share on their wealth gains. Join us.
actionnetwork.org/forms/tell-con…
You can read the full report here:
americansfortaxfairness.org/issue/tax-day-…
If billionaires can get $2 trillion richer during a pandemic, they can afford to pay their fair share in taxes.

Join @4TaxFairness @RonWyden @RepBowman @RBReich @MoveOn @HCAN this Tax Day and join in the fight to #TaxBillionaires!
bit.ly/TaxDayLaunch

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Americans For Tax Fairness

Americans For Tax Fairness Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @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
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. Image
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
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.
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
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.
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
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
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.
Read 6 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

:(