ProPublica recently gained access to a significant amount of U.S. tax information. In that trove of information, they learned that billionaires do not pay much income tax relative to their enormous wealth. In fact, the records show that Jeff Bezos, Elon Musk, Michael Bloomberg and George Soros have all gotten away with paying $0 in federal income taxes in some years. This information is not shocking, but it should upset us and move us to action.
Will you sign the petition telling Congress to finally change the tax code such that billionaires are paying their fair share?
There has been a long running myth that the wealthiest Americans pay the most taxes. It turns out it's not even kind of true. Experts have known this a long time, while the rest of us just suspected. Now we know. From the article:
"Our analysis of tax data for the 25 richest Americans quantifies just how unfair the system has become.
By the end of 2018, the 25 were worth $1.1 trillion.
For comparison, it would take 14.3 million ordinary American wage earners put together to equal that same amount of wealth."
1 in 10 American households are food insecure. 40% of Americans would have trouble coming up with $400 for an emergency bill, such a car problem or a visit to the emergency room. One-third of the GoFundMe efforts in 2019 were to cover medical care, a statistic which has mostly certainly gone up with the pandemic.Americans are living with crushing student debt, furthering income inequality and virtually no governmental safety net while multibillionaires are paying as low as .1% true tax (Warren Buffett). And that's legal! Please sign the petition to demand a change in the tax code to make sure the wealthiest pay their fair share!