Billionaire Wealth up 160% Since First Trump Tax Bill, Sen. Wyden Introduces Legislation to Tax Unrealized Gains 

Today, as Senator Wyden (D-OR) announced plans to introduce a new bill, the Billionaires Income Tax Act, Americans for Tax Fairness (ATF) released a new analysis. The analysis exposes how billionaires’ record-setting wealth has skyrocketed since Trump’s 2017 tax law and demonstrates how much revenue could be generated to invest in working and middle-class Americans if the new legislation were enacted.

“Republicans in Congress have long provided their billionaire donors with massive tax loopholes, exempting the Wall Street assets that make up the majority of their wealth, treating it differently than the income of a teacher or firefighter,” stated David Kass, ATF’s Executive Director. “It’s long past time for Congress to end this sweetheart deal. Billionaires and wealthy elites shouldn’t be allowed to play by a different set of rules than everyone else. Doing so not only makes wealth inequality skyrocket but hurts revenue flows that could go into investing in working people and communities while staving off impending revenue crises.”