Author: Deborah Weinstein Published: 12/13/2023 Coalition n Human Need
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Did you know that in some years, billionaires like Elon Musk and Jeff Bezos pay $0 in federal income taxes, even as their fortunes soar?1 That starves the federal government of the resources we need to invest in vulnerable communities, from affordable, accessible health care to housing to education to food assistance and more. But now, Senator Ron Wyden has introduced the Billionaires Income Tax―a bill that would tax the wealth gains of billionaires each year, just like working people pay on their wages. This is critical because many millionaires and billionaires derive most of their income from investments, not a paycheck, and they can go years, if not forever, without paying income taxes on their wealth gains. The Billionaires Income Tax would raise $557 billion over 10 years and only apply to taxpayers whose net worth either exceeds $1 billion or whose annual income exceeds $100 million for three consecutive years.3 When billionaires start paying income taxes each year, just like working people do, we can invest in critical programs for our families and our future. Conservatives in Congress like to claim that we can’t afford programs that lift up vulnerable communities. But when the ultra-wealthy start paying taxes each year, we can invest in policies to reduce poverty and strengthen nutrition programs, housing programs, and much more. Rather than spending time on political theatrics, Congress should focus on policies like the Billionaires Income Tax―and invest in our communities. Thank you for taking action today, Deborah Weinstein 1 The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
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