John,
New research from Americans for Tax Fairness shows that billionaire wealth has skyrocketed to over $7 trillion—up $4.1 trillion since the Trump-GOP tax law passed in 2017. That’s a 141% explosion in ultra-wealth in under eight years.[1]
Now, Trump and the Republicans want to extend that tax scam and deepen the giveaways, leading to $5.7 trillion in lost revenue. Most of it will go to the same people hoarding more wealth than any dynasty in modern history.
Let’s consider the scale of that private wealth by comparing it to public needs. Elon Musk is worth $421 billion. That’s more than the $387 billion necessary to maintain full federal Medicaid funding for all the states. Republicans have proposed cutting federal Medicaid funding, shifting the cost to states and kicking millions off healthcare. But sure, let’s give Musk another tax cut.
Or look at Mark Zuckerberg. His $230 billion fortune exceeds the $192 billion needed to preserve tax savings for single parents filing as “head of household.” The GOP has floated the idea of killing that benefit. In other words, struggling moms would get higher tax bills, Zuckerberg gets another yacht.
Then there’s Jeff Bezos, sitting on $221 billion, who stands to gain even more if Republicans renew their call for $229 billion in cuts to hospitals that care for the uninsured. While Bezos benefits from new federal contracts and political favor, low-income patients would be turned away from lifesaving treatment as funding for uncompensated care dries up.
The bottom line is that as the GOP works to slash over $1 trillion from Medicaid and food assistance, and hand that money directly to billionaires in the form of even more tax breaks, it’s up to us to hold the line and make sure they don’t get away with it.
Donate now to power our activism and stop this billionaire tax heist. Every dollar you give powers our fight to protect public services and demand that the rich pay their fair share in taxes.
In 2024, just 100 billionaire families spent a record-breaking $2.6 billion to influence the election, two-thirds of it backing Republican candidates, not just to shape policy, but to secure a return on investment through tax cuts that are now being advanced in Congress.[2]
These same tax cuts will drive billionaire wealth to even more historic highs, while draining resources from programs that working families depend on.
The good news is that we can stop this. Public opinion is on our side. 74% of voters think billionaires pay too little in taxes, including 60% of Republicans. Only 5% think they pay too much. So let’s make sure our tax code reflects our values, not the greed of the richest 0.001%.
We’re fighting back with everything we’ve got, from exposing these obscene levels of private wealth compared to public needs, to mobilizing grassroots pressure to achieve a tax system that serves the 330 million people who didn’t make billions from loopholes and backroom deals.
Rush a donation right now to fight back against billionaire tax cuts and protect the services we all rely on.
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Thank you for standing with us in this critical fight.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] Total Billionaire Wealth Tops $7 Trillion As GOP Aims To Cut Healthcare, Food Aid To Give Rich More Tax Cuts
[2] Billionaires Buying Elections: They’ve Come to Collect
