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Home Republicans reduce a deal with President Joe Biden to increase the debt restrict till January 2025, however solely after they threatened to make us default on our debt obligations. They declare to be involved concerning the nationwide debt, however the deal does little to resolve that. By January 2025, the nationwide debt will nonetheless be an issue.
The adjustments that Republicans negotiated to meals stamps will truly value extra money than they save, and the cuts to IRS funding would damage income by making it tougher to go after billionaire tax cheats. Making the ultra-rich pay their fair proportion, then again, might considerably cut back the nationwide debt.
Signal the petition: Make billionaires pay their fair proportion in taxes.
Republicans actually laughed off the suggestion of even elevating taxes for the rich. So when Biden proposed a few of that in negotiations, it was dismissed out of hand.
Marketing campaign Motion
Not solely would elevating taxes for billionaires carry down the nationwide debt way more effectively than any price range cuts that Republicans wished, however it’s also politically fashionable with voters throughout the spectrum. And furthermore, it’s the morally proper factor to do.
The Messenger:
The ultra-wealthy have had a reasonably good decade, to say the least. In accordance with an evaluation of Wealth-X’s database by the Institute for Coverage Research, the variety of Individuals with a internet price of $50 million or extra practically doubled from 33,470 in 2012 to 64,500 in 2022. Their whole collective wealth has grown 55.4% over the identical time interval and sits at $12.5 trillion.
The wealth of the billionaire class has not solely skyrocketed over the previous 10 years, however it accelerated and collected wealth at an astounding price since mid-March 2020, when stay-at-home orders have been first enforced nationwide. The mixed wealth of greater than 700 U.S. billionaires stood at greater than $4.5 trillion in 2022.
Sen. Elizabeth Warren’s wealth tax plan, which she first proposed in her 2020 presidential marketing campaign would levy a 2% tax on wealth above $50 million and a 3% tax on wealth over $1 billion. This might have raised over $224 billion in 2022 alone.
Biden’s Billionaire Minimal Revenue Tax, which was in his most up-to-date price range proposal, would have raised $360 billion over the subsequent decade, by taxing wealth as an alternative of work.
Now that the debt restrict has been prolonged, it’s time to stress Congress to tax billionaires. We can not play debt ceiling rooster once more in 18 months.
Republicans know that in the event that they’re severe about shrinking the nationwide debt, making the ultra-wealthy pay their fair proportion is essentially the most fiscally accountable strategy out there. Now’s the time to inform them that we all know it, too.
Signal the petition to Congress: To really remedy the nationwide debt, tax billionaires.
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