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Sign and send to Congress: Reward work, not just wealth. Increase taxes on the ultra-rich [1]

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Date: 2023-02-22  

Besides creating funding for social programs, the billionaire tax would also impact consumers through job creation and a reduced wealth gap. As Miles Brooks, director of Tax Strategy at CoinLedger, a cryptocurrency tax software, said, "The ultra-high-net-worth households often hold their income in investment positions to avoid paying taxes. Taxing wealthy individuals will give the government more resources to invest in building highways, provide quality health care, and build middle-class consumers who drive economic growth."

Additionally, Democratic Sens. Sherrod Brown and Ron Wyden introduced the Stock Buyback Accountability Act of 2023 following Biden's call to quadruple the tax on corporate stock buybacks from the 1% tax passed by Democrats as part of the Inflation Reduction Act to 4%.

Corporate stock buybacks allow wealthy and foreign investors to avoid paying their fair share of taxes to the detriment of the company's long-term growth and the best interests of workers and consumers. When gas prices skyrocketed in 2022, oil and gas companies used most of their record profits on stock buybacks that enriched already wealthy CEOs and shareholders instead of investing more to keep gas prices down. It was a massive transfer of wealth from struggling Americans to the ultra-rich.

Our tax code has benefited the rich at the expense of everyone else. While the ultra-rich and wealthy corporations get away with paying little to nothing in federal income tax, everyday Americans struggle to cover day-to-day needs.

The Biden administration and Democrats in Congress have made incredible strides by securing policies like allowing Medicare to negotiate drug prices. Now, it's time to finish the job by closing loopholes that allow the wealthy to avoid paying taxes.

Join us in calling for a fairer tax system. Pass the Billionaire Minimum Income Tax Act.

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[1] Url: https://www.dailykos.com/stories/2023/2/22/2154219/-Sign-and-send-to-Congress-Reward-work-not-just-wealth-Increase-taxes-on-the-ultra-rich

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