For many people around the globe right now,
it feels as though life is more expensive than it's ever been. We've been experiencing an onslaught of inflation's effects, from groceries to housing to energy prices, and it seems like there's no end in sight.
And yet, the extremely rich continue to get richer -- and avoid paying taxes on that wealth.That's why it's so exciting that in Joe Biden's recently released
2025 budget proposal, there's an encouraging inclusion --
the president wants to finally make billionaires and billion-dollar companies pay their fair share in taxes!Sign the petition to demand Congress get on board with taxing billionaires in 2025!Biden's proposal would impose a 25% minimum tax on unrealized income of the absolute wealthiest people -- aka, income that is made on paper through investments, interest, and the like. Right now, this money isn't even taxed until the investment is sold, meaning billionaires are making
obscene amounts of money and not paying a cent in taxes!
The proposal would also raise tax rates for billion-dollar companies and the corporate tax in general.
This couldn't come at a better time, when companies are enjoying record-high profits and hiking their prices while consumers can barely afford to live. This isn't just about ensuring fairness for working families in the US who have spent decades watching the rich game the system and never get ahead themselves. It's also about reducing the federal deficit. In fact, over the next 10 years, the billionaire tax would reduce our deficit by three trillion dollars!
These new tax policies would also help ensure that social systems like Medicaid and Social Security can continue to support people in need for generations to come. Even though this is obviously what is right and fair, there is a huge risk that many in Congress might not step up and support the presidential proposal. Their rich buddies want to hold onto every dime at the expense of everyday Americans. So some members of Congress would rather push the burden for reducing the deficit onto poorer families and the middle and working classes -- making us foot the bill for government expenses, even while loaded families sit idly by.
We must ensure that Congress does the right thing, for working families and for the national budget. Sign the petition demanding our representatives support President Biden's plan to tax the rich!