1. United States
  2. Calif.
  3. Letter

Co-Sponsor the Robinhood Act to Close the "Buy, Borrow, Die" Loophole

To: Sen. Schiff, Sen. Padilla, Rep. McClintock

From: A constituent in El Dorado Hills, CA

June 16

Co-sponsor the Robinhood Act. Rep. Rueb Gallegos' bill targets the "buy, borrow, die" loophole that lets the ultra-wealthy borrow against their assets, spend freely, and never pay a dime in taxes on that wealth. The rest of us pay taxes on every paycheck. They don't pay taxes at all. That's not a tax system — it's a rigged game. Wealth inequality in this country isn't an abstraction. It's the reason working families can't afford homes, can't save for retirement, and can't compete in an economy increasingly stacked against us. The Robinhood Act is a straightforward fix: tax the "borrow" step so the wealthiest Americans can't keep using debt as a tax-free income stream. The 1% must be required to live by the same rules that the rest of us abide by. Your co-sponsorship would send a clear signal that you're serious about a tax code that works for everyone, not just those at the top.

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