Article

You Paid Your Taxes. Shouldn’t the Billionaires?

This piece was originally published in the April 20, 2022 edition of CAP Action’s newsletter, the Progress Report. Subscribe to the Progress Report here.

“If billionaires can afford to zoom around in rocket ships, to buy superyachts and mansions with 25 bathrooms, yeah, I think they can afford to pay their fair share of taxes.” – Sen. Bernie Sanders (I-VT)

This past Monday was Tax Day. Whether you filed well in advance or at the last minute, one thing is almost certainly true: You paid a higher tax rate than the richest men in the world.

The wealthiest 400 households in America pay an income tax of just 8.2 percent. That’s not merely a reflection of the wealthy being able to game the system. They did not earn the ability to pay that low of a tax rate. Billionaires such as Jeff Bezos, Elon Musk, and Mark Zuckerberg are gaming the system and passing the costs onto you and your family, who are paying tax rates as much as two and three times higher than they are.

President Joe Biden wants to fix this inequity with a billionaire minimum tax of 20 percent, but he can’t do it alone. 

Share this graphic to show your support for President Biden’s plan to make the rich pay their fair share:

The image features a headline that reads: Biden’s plan invests in working families by: TAXING THE RICH and LARGE CORPORATIONS Beneath the headline, from left to right, are Mark Zuckerberg, Jeff Bezos, and Elon Musk, all wearing tophats. Text on the tophats, from left to right, read: 20% minimum tax on households worth $100M+, 15% minimum tax on the largest corporations, and 3-year freeze on CEO stock buybacks. A footer reads: Isn’t it about time the rich and large corporations paid their fair share?

In the news

What we’re reading

This piece was originally published in the April 20, 2022 edition of CAP Action’s newsletter, the Progress Report. Subscribe to the Progress Report here.

The positions of American Progress, and our policy experts, are independent, and the findings and conclusions presented are those of American Progress alone. A full list of supporters is available here. American Progress would like to acknowledge the many generous supporters who make our work possible.

Authors

Brad Chester


Previous
Next

You Might Also Like