From 2014 to 2018, 25 of the richest Americans’ wealth grew by $401 billion, yet they paid just $13.6 billion in federal income taxes during those years. It might seem like a large sum, but it only amounts to an effective 3.4% tax rate. In fact, the wealthiest Americans avoid paying $163 billion each year – that’s the shortfall between how much they owe under the current system and what is collected. This is so unfair!
This system is exacerbating already significant and dangerous income inequality in America. It's time to stop trying to fix a complex and nuanced issue with incremental changes. We need bold action from Congress if we are to right the ship of wealth inequality in America and make major new investments to help families afford healthcare, childcare, housing and to fight climate change.
We need to reform the system by passing the Billionaires Income Tax or a wealth tax on the ultra-rich; taxing income the wealthy get from their investments at least at the same rate as workers’ paychecks are taxed; closing loopholes and raising tax rates on wealthy corporations; imposing at least a 15% minimum tax on corporate national and foreign profits, imposing a surcharge on stock buybacks, and more. I want you to fight to make this happen. Thanks.
