IF WE CAN’T EAT THEM, AT LEAST WE CAN TAX THEM!

Daily Action
Written By Barbara Isaacman

QUICK READ: “America’s tax code is riddled with loopholes that allow the ultra-wealthy to get away without paying their fair share.” Senator Ron Wyden’s Billionaires Income Tax Act would end “buy, borrow, die” loopholes by applying tax codes to fewer than 1000 of America’s wealthiest people thereby generating billions for Social Security and Medicare. 


CONTENTS:

BACKGROUND

According to Senate Finance Committee Chairman Ron Wyden, OR-D: “America’s tax code is riddled with loopholes [allowing] the ultra-wealthy to get away without paying their fair share, while working families have to play by a different set of rules and pay taxes out of each paycheck.”

After uncovering the multiple ways the ultra-wealthy legally avoid paying their fair share in taxes, he proposed The Billionaires Income Tax Act, cosponsored by 15 Democratic Senators and endorsed by 100+ supporting organizations.

The Act, which applies only to those with either $1+ billion in assets or earnings topping $100 million/year for 3 consecutive years, ends the “buy, borrow, die” road billionaires use to avoid taxation—buying  assets that appreciate, borrowing against their yet untaxed value, and leaving their beneficiaries to inherit the accumulated assets tax-free.

Gains and losses from tradable assets, like stocks, are taxed through annual value assessments, while those from non-tradable assets, like real estate, are taxed upon sale through deferred value assessments paid out over time—netting  hundreds of billions to programs like Medicare and Social Security. Senator Merkley (OR-D) agrees that “[b]illionaires have rigged our tax system so “they’ll” contribute virtually nothing [which] is fundamentally unfair [and] has to end. . . .[T]his bill is the way to end it.”

ACTION One: Call the Senate.

Script for Oregon Senators

SEN. MERKLEY: Portland office: 503-326-3386 | D.C. office: 202-224-3753

My name is [--] and I'm a constituent from [city], Oregon [zip code].

The wealthiest Americans pay less than most hardworking people because the tax code is filled with loopholes favoring their interests. It is time to fix this problem and generate billions for the social programs benefiting us all.

SEN. WYDEN:

Portland office: 503-326-7525 | D.C. office: 202-224-5244

My name is [–] and I’m a constituent from [city], Oregon [zip code].

The wealthiest Americans pay less than most hardworking people because the tax code is filled with loopholes favoring their interests. It is time to fix this problem and generate billions for the social programs benefiting us all.

Script for Republican Senators

D.C switchboard: 202-224-3121

My name is [–] and I’m a constituent from [city], [state], [zip code].

The wealthiest Americans pay less than most hardworking people because the tax code is filled with loopholes favoring their interests. It is time to fix this problem and generate billions for the social programs benefiting us all.

ACTION TWO: Call the House.

Script for Suzanne Bonamici (OR-01)

Oregon office: 503-469-6010 | DC office: 202-225-0855

My name is [–] and I’m a constituent from [city], Oregon [zip code].

The wealthiest Americans pay less than most hardworking people because the tax code is filled with loopholes favoring their interests. It is time to fix this problem and generate billions for the social programs benefiting us all.

Script for Cliff Bentz (OR-02)

Medford office: 541-776-4646 | DC office: 202-225-6730

My name is [–] and I’m a constituent from [city], Oregon [zip code].

The wealthiest Americans pay less than most hardworking people because the tax code is filled with loopholes favoring their interests. It is time to fix this problem and generate billions for the social programs benefiting us all.

Script for Earl Blumenauer (OR-03)

Oregon office: 503-231-2300 | DC office: 202-225-4811

My name is [–] and I’m a constituent from [city], Oregon [zip code].

The wealthiest Americans pay less than most hardworking people because the tax code is filled with loopholes favoring their interests. It is time to fix this problem and generate billions for the social programs benefiting us all.

Script for Val Hoyle (OR-04)

Eugene office: 541-465-6732 | DC office: 202-225-6416

My name is [–] and I’m a constituent from [city], Oregon [zip code].

The wealthiest Americans pay less than most hardworking people because the tax code is filled with loopholes favoring their interests. It is time to fix this problem and generate billions for the social programs benefiting us all.

SCRIPT FOR LORI CHAVEZ-DEREMER (OR-05)

Salem office: 503-588-9100 | DC office: 202-225-5711

My name is [–] and I’m a constituent from [city], Oregon [zip code].

The wealthiest Americans pay less than most hardworking people because the tax code is filled with loopholes favoring their interests. It is time to fix this problem and generate billions for the social programs benefiting us all.

Script for Andrea Salinas (OR-06)

Salem office: 503-385-0906 | DC office: 202-225-5643

My name is [–] and I’m a constituent from [city], Oregon [zip code].

The wealthiest Americans pay less than most hardworking people because the tax code is filled with loopholes favoring their interests. It is time to fix this problem and generate billions for the social programs benefiting us all.

ACTION THREE: Good Trouble.

Below are opportunities to fight for our democracy. As John Lewis said, go make some “good trouble.”

  • PARTICIPATE IN LETTER WRITING WITH INDIVISIBLE OREGON MONDAY May 13 RSVP Here and SATURDAY June 1st RSVP Here

  • ATTEND INDIVISIBLE OREGON’S KICKOFF EVENT FOR 2024 ELECTION May 18th - RSVP Here

  • ATTEND FRIDAY’S AT 4 AND MORE - ONLINE LETTERS AND POSTCARD WRITING EVERY FRIDAY - RSVP Here

  • KEEP THE MOMENTUM GOING FOR THE #JUSTICECANTWAIT CAMPAIGN: Continue posting to social media demanding that SCOTUS expeditiously reject immunity before May 20, so Americans can get the accountability we deserve instead of sending this case back again to a lower court. Share social media posts with the hashtag #JusticeCantWait. Find toolkit here.

FURTHER READING

Barbara Isaacman
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