Tell Congress to pass the Billionaires Income Tax now!

For years, America’s wealthiest households have watched their fortunes soar while too many families struggle to keep up. Since 2017, billionaire wealth has jumped from roughly $2.9 trillion to about $7.6 trillion — most of it never taxed at all. That’s not a system built for working people — it favors a select few. 

There’s a straightforward fix on the table. The Billionaires Income TaxAct — reintroduced in the Senate and for the first time introduced in the House — would require fewer than 1,000 ultra-wealthy households to pay annually on gains, just as workers already pay taxes out of every paycheck. It doesn’t raise tax rates; it closes the gap that allows billionaire fortunes to grow untaxed year after year, and it’s projected to raise more than $500 billion that could help protect Medicare and Social Security, as well as invest in priorities that families rely on.

New research shows the wealthiest Americans often pay a smaller share of their income in taxes than everyone else, thanks to rules that privilege wealth over work. Economists estimate members of the Forbes 400 paid an average effective tax rate of around 24% in recent years, compared with roughly 30% for other taxpayers. In contrast, other analyses that include the growth of unrealized wealth show that accurate rates for billionaires can be even lower. That’s upside down.

People all over the country are calling for a tax system that treats work and wealth more fairly. Advocacy organizations and anti-poverty groups argue that asking billionaires to pay their fair share is a fundamental step toward an economy where everyone has a chance to thrive. 

Add your name to urge your lawmakers to pass the Billionaires Income Tax Act and make sure the ultra-rich play by the same rules as the rest of us.

Thanks,
Mary