Danielle, if you had a job in 2018, chances are you paid more in federal taxes than Elon Musk.
You read that right: According to a new report by ProPublica, Mr. Musk — one of the wealthiest people in the country — paid precisely $0 in federal income taxes in 2018.
The worst part? Under our broken tax system, it's completely legal. That's because billionaires like Musk, Jeff Bezos, and Mike Bloomberg don't make their fortunes through income like working families do. Their wealth comes from assets — like stock portfolios, art collections, and super-yachts.
And by hiring the savviest lawyers and accountants that money can buy, they're able to take advantage of huge loopholes and special breaks to pay little to no income tax — even while their fortunes are skyrocketing.
Danielle, our tax code is rigged for those at the top — you know it and I know it. We need to address the growing power of billionaires, corporations, and their lobbyists as they rig the system and rules in their favor.
I'm fighting every day in the Senate to pass a wealth tax and level the playing field for working families. We've got to keep pushing, and that's only possible with the support of grassroots supporters like you.
Add your name if you're with me: It's time for a wealth tax to make ultra-millionaires and billionaires pay their fair share.
Danielle, the gap between the wealthiest and poorest Americans is wider than ever before. And the gap is even bigger when you factor in race: the 400 richest Americans own more wealth than all Black households plus a quarter of Latino households combined.
The global pandemic and the economic crisis that followed have only made the wealth gap worse. Billionaire wealth now stands at $4.6 trillion, which is 55 percent higher than before the COVID crisis began. This is all while millions remain unemployed and families are struggling to keep a roof over their heads and food on the table.
My wealth tax bill would place a two-cent per dollar tax on people with a net worth above $50 million — a few cents more for the billionaires.
This small tax would generate huge amounts of revenue totaling at least $3 trillion, providing money for President Biden's big agenda to build back better and more. Policies like expanding the caregiving economy — everything from child care to nursing homes — rebuilding infrastructure, high quality k-12 education, and tuition-free public college and technical schools.
A wealth tax is critical for raising revenue, and that revenue is critical for raising opportunity. We build a future for all of our kids by investing in opportunity. This is one way we can make this government work for everyone — not just the rich and powerful.
Add your name to support our plan for a wealth tax, and help build the grassroots support that we'll need from across the country to pass it in Washington.
Thanks for being a part of this,
Elizabeth |
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