PUBLIC OPINION AND 51 NATIONAL GROUPS SUPPORT LEGISLATION THAT WOULD RAISE $430 BILLION OVER 10 YEARS Today, Senator Bernie Sanders (VT) and Representative Jimmy Gomez (CA) released the “For the 99.5% Act,” legislation that would strengthen the federal estate tax and raise $430 billion over 10 years, according to the Joint Committee on Taxation. “Our […]
Dear Member of Congress: The undersigned organizations urge you to cosponsor the For The 99.5% Act, whose lead sponsors are Sen. Bernie Sanders and Rep. Jimmy Gomez. The legislation would strengthen the federal estate tax, which is paid only by the top 1% by wealth. It would raise $430 billion over 10 years, according to […]
For the past year, Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS) have tracked the wealth growth of America’s billionaires since March 18, 2020, the rough beginning of the pandemic. This report summarizes the extraordinary growth in wealth of those now 657 billionaires based on real-time data from Forbes on March […]
In recent years, budget cuts have severely hobbled the Internal Revenue Service, to the benefit of tax-dodging millionaires and large corporations and the detriment of honest taxpayers. The United States is now losing approximately $600 billion per year in unpaid taxes. As every analyst including the Congressional Budget Office has found, investments in tax enforcement […]
As Presidential Address Marks Grim Coronavirus Anniversary, America’s Wealthiest 657 Stand $1.3 Trillion Richer Than They Were Last March One year, 530,000 deaths, 29 million cases, and 78 million lost jobs into the COVID-19 crisis, America’s billionaires have made so much money they could fund two-thirds of President Biden’s American Rescue Plan (ARP) just with […]
Dear Member of Congress, We write to express our support for the No Tax Breaks for Outsourcing Act (S.___ / H.R.___), which would eliminate harmful incentives to move the corporate tax base as well as real operations – American jobs and investment – offshore. The bill would ensure that U.S. multinational corporations pay at least […]
March 3, 2021
POLLING COMPILATION ON A WEALTH TAX
664 Richest Americans Now Worth a Collective $4.2 Trillion, Up 44% Since COVID Shutdowns Began in March 2020 American billionaires continued their alternative experience of the coronavirus crisis as their total wealth shot past $4.2 trillion in February—up $1.3 trillion, or 44%, since the pandemic recession began 11 months ago. Billionaires reaped their bonanza even as […]
Moody’s Analytics estimates that for every $1.00 spent on state and local government services the economy grows by $1.39. That is an immediate 139% return on the dollar. By comparison, on average for every dollar spent on tax cuts, the economy grows at a significantly slower rate. For example, $1 spent on a corporate tax […]