Massachusetts passed a 4% tax on millionaires.
It raised $2.2 BILLION in just one year.
The state is planning to spend the money on free school meals, free community college, child care grants, and public transit.
We can do big things when the wealthy pay their fair share.
BREAKING: Harlan Crow and his family's average yearly political contributions went up 862% after Citizens United was decided in 2010.
Who provided a deciding vote for that case?
Justice Clarence Thomas, a "family friend" they showered with luxury travel and gifts for 20+ years.
Elon Musk stopped paying into Social Security 4 minutes into the year.
That’s how long it took him to make $168,600 and reach the wage cap on contributions.
Raise the cap and tax billionaires.
BREAKING: The IRS just announced it will audit 60 giant corporations that make more than $500 billion a year.
It’s also putting 150 corporations that have shifted profits offshore on notice.
This is what happens when fund the IRS—you crack down on wealthy tax cheats.
BREAKING: Uncovered IRS tax records of 26 U.S. billionaires show they paid an average tax rate of just 4.8% from 2013 to 2018, despite collectively gaining $500 billion in wealth
Effective tax rates
Buffett: 0.1%
Bezos: 1.1%
Zuckerberg: 1.1%
Koch: 1.3%
Bloomberg: 1.8%
Musk: 2.1%
BREAKING: America's 708 billionaires are now worth $4.8 trillion after gaining $1.8 trillion, up 62%, during the pandemic.
That wealth growth alone could pay for over half of the Democrats' $3.5 trillion budget plan.
Don't tell us we can't afford to invest in working families.
BREAKING: The IRS is gearing up to audit 1,600 millionaires and 75 corporations—like hedge funds and real-estate firms—who owe hundreds of millions in unpaid taxes.
This is what happens when you give the IRS the funding it needs to catch rich tax cheats.
BREAKING: New analysis finds that 465 billionaires had pumped $881,000,000 into the 2022 federal midterm elections by October.
That's 27x more than they contributed before Citizens United was decided.
By the time this cycle is over, their donations could climb to $1 billion.
BREAKING: New analysis finds that America's 661 billionaires pumped $1,200,000,000 into the 2020 elections.
That's double what they contributed in 2016, and 39x more than they contributed before Citizens United was decided.
It's been 12 years. It's time to
#EndCitizensUnited
.
BREAKING: 250+ millionaires sent a letter to Congress urging them to include a Billionaires Income Tax in the final Build Back Better deal.
"It is neither fair nor smart to limit or exempt the bulk of billionaires’ growth in income from investments from tax reform," they write.
BREAKING: America's billionaires have officially gotten $2 TRILLION richer during the pandemic, largely tax-free
Elon Musk's wealth alone shot up by 1,080%
Workers struggling to afford gas, groceries, healthcare are paying their fair share this Tax Day. Billionaires should too.
BREAKING: Just-announced deal in Congress for a year-end budget bill DOES NOT include the extension of three Trump-GOP tax cuts for corporations 🍾
This is a huge win—a year-end corporate tax giveaway is, sadly, usually a foregone conclusion.
This is what change looks like.
BREAKING: Senate Democrats just introduced a bill to increase the tax on corporate stock buybacks.
Each year, billionaire corporations buy back billions of dollars worth of their own stock to make their CEOs and shareholders richer.
They can afford to pay a 4% tax on buybacks.
BREAKING: Harlan Crow—Clarence Thomas' billionaire benefactor—has a financial stake in FOUR cases coming before the Supreme Court.
One of those cases could even block the United States from taxing billionaire wealth gains.
Thomas must recuse himself.
BREAKING: Jeff Bezos is now worth $200 billion. He and his fellow billionaires have gained nearly $800 billion during the coronavirus crisis.
@SenSanders
' bill to levy a 60% tax on billionaires' pandemic gains would raise $55 billion from Bezos alone.
BREAKING: Billionaires have gotten $1.8 trillion richer, nearly all tax-free, since the pandemic began.
Don't tell us we can't afford a bold reconciliation package that invests at least $4 trillion in jobs and families, paid for by fairer taxes on the rich and corporations.
BREAKING: The IRS says it's on track to collect $560 BILLION in unpaid taxes from wealthy tax cheats.
This is what happens when you fund the IRS.
Anyone trying to rescind funding from the IRS just wants to let wealthy and corporate tax cheats off the hook.
Boeing—worth $128 billion—paid a net $0 in federal income tax the first 5 years of the Trump tax scam.
They even got a net $2.6 billion refund.
Meanwhile, they spent BILLIONS on CEO pay and stock buybacks.
Yes, this is the same Boeing who had a plane panel blow off mid-flight.
The same Mitch McConnell, who snuck a HUGE tax break for millionaires into the CARES Act and forced through a $2 trillion tax giveaway for the rich and corporations in 2017, is holding up $2,000 in direct payments for 150+ million trying to get through a global pandemic. Shame.
BREAKING: America's 704 billionaires have gotten $1.7 trillion richer—57%—over two years of the pandemic. Almost all of those wealth gains will go tax-free.
Superyachts are selling out as working families struggle to afford everyday expenses. We need a Billionaires Income Tax.
BREAKING: 219 economists and academics just sent a letter to Congress urging them to include a Billionaires Income Tax in the final Build Back Better deal.
"Letting billionaires skip out on the income tax is unjust to the ordinary taxpayers who must ultimately foot the bill."
These are the 227 GOP House members who voted for the
#GOPTaxScam
.They voted to raise taxes on over 90M working families, while giving massive tax breaks to millionaires and corporations that will be paid for by cuts to Social Security, Medicare, Medicaid, and education. SHAME!
BREAKING: Corporate profits drove over half of all inflation between April and September 2023, according to
@Groundwork
.
Greedflation is out of control.
It’s time we hold greedy corporations accountable and make them pay their fair share in taxes.
BREAKING: Billionaires and centimillionaires held $8.5 TRILLION in untaxed, unrealized capital gains in 2022.
Unrealized gains are the largest source of income for the ultra-rich—but they're completely UNTAXED under our tax code.
This is why we need a billionaire income tax 🧵
The IRS has collected $160 million from rich tax cheats this year.
It told Microsoft they owe $29 billion in back taxes.
And it announced a free-file pilot so you don't have to pay TurboTax or H&R Block to file your taxes.
This is what happens when we fund the IRS.
BREAKING: U.S. billionaires have grown their collective wealth by $1 trillion since mid-March. That's more than it would cost to send a $3,000 stimulus check to every person in America.
More of our latest research here:
BREAKING: America's 660 billionaires have seen their wealth grow by $1.1 trillion during the pandemic alone.
That could pay for ALL of the relief for working families in
@POTUS
' COVID response plan.
Don't tell us we "can't afford" COVID relief.
BREAKING: America's 100 largest corporations raked in over $1 TRILLION in profits in 2023—and cut 55k jobs.
They used their profits & record-low tax rates to enrich shareholders—NOT to lower prices or invest in workers.
Corporate greed isn't patriotic. Paying your fair share is
BREAKING: The IRS says Microsoft owes $29 BILLION in back taxes.
The announcement comes as the IRS has begun a historic effort to crack down on wealthy and corporate tax cheats.
This is what happens when you properly fund the IRS.
BREAKING: U.S. billionaires now worth a record $5.2 TRILLION
America's billionaires are richer than ever before.
But under current law, their $2.3 TRILLION wealth gain since the 2017 GOP tax scam will go largely untaxed.
Here’s why we need a billionaire income tax.
BREAKING: House Republicans just voted to repeal funding for the IRS to go after wealthy tax cheats.
It’s official—Republicans’ first order of business with their new majority was to protect wealthy tax cheats.
The IRS has collected $160 million from rich tax cheats this year.
It told Microsoft they owe $29 billion in back taxes.
And it announced a free-file pilot so you don't have to pay TurboTax or H&R Block to file your taxes.
Who do you think benefits if the GOP defunds the IRS?
Billionaire Peter Thiel has spent millions influencing our elections.
He's said he "no longer believes that freedom and democracy are compatible."
He spent over $15 million securing JD Vance's Senate seat.
This is how billionaires use their untaxed wealth to rig the system.
BREAKING: America's billionaires have officially grown $2 trillion (70%) richer during the pandemic
March 2020: 614 billionaires worth $2.9 trillion
October 2021: 745 billionaires worth $5 trillion
They pay an effective tax rate of 8%, per WH. We need to tax billionaire wealth.
Speaker Pelosi nailed it. The GOP are full of concerns about the debt and deficit when it comes to helping working families stay on their feet, but they had no problem passing a $2T
#GOPTaxScam
that went mostly to the rich and corporations.
Reaganomics started 42 years ago.
We now have more billionaires than ever.
Corporations are seeing their biggest profit margins since the 1950's.
And 58% of Americans are living paycheck-to-paycheck.
The cat's out of the bag on trickle-down economics.
NEW REPORT: Wealth of American billionaires has skyrocketed by 20%, or $584 billion, since the start of the coronavirus pandemic.
In just three months, the U.S. added 29 more billionaires as 44 million filed for unemployment.
BREAKING: Billionaires spent $1,000,000,000 on last year's midterm elections, setting a new record.
That's a 72% increase from the 2018 midterms.
These contributions aren't just drowning out voters' voices—billionaires are betting they'll make great returns on investment.
🚨 ALERT: New House GOP bill would abolish the IRS and replace federal income tax with a sales tax.
The fake Fair Tax Act will get a floor vote as a concession to holdouts during House Speaker negotiations.
The bill is a tax cut for the wealthy and a tax hike on working people.
REPORT: Between 2018 and 2022, 35 major U.S. corporations—like Ford, Netflix and Tesla—paid their executives MORE than they paid in federal income taxes.
Many even had a negative tax rate—meaning we gave THEM a refund—while executives got 7- and 8-figure salaries.
A thread 🧵
BREAKING: New data shows General Motors paid an effective tax rate of 4% on nearly $6 BILLION in domestic profits last year.
All while saying they couldn’t “afford” to give
@UAW
workers a fair contract.
@GM
then spent over $11 billion on stock buybacks to enrich shareholders.
The Trump and Bush tax cuts have cost us $10 TRILLION in revenue.
Those tax cuts—which overwhelmingly benefited the wealthy and corporations—are responsible for 57% of the increase in the debt.
Stop blaming the debt on spending.
Speaker Pelosi is right. Republicans can’t hold up COVID relief with the complaint that some folks who are doing well might benefit when they’re the ones who rammed through $1.9 trillion in tax cuts for mostly the rich and corporations in 2017.
Working families need relief now.
BREAKING: New polling shows nearly 7 in 10 voters support raising taxes on the wealthy and corporations, that it's a top-priority issue for voters, and that highlighting it boosts support for
@POTUS
' economic plans.
More key findings in the thread below 👇
BREAKING: The Biden Admin has secured an international agreement on a 15% global corporate minimum tax, removing incentive for American corporations to abandon the U.S. for tax havens.
This is a huge step toward making corporations pay their fair share to
#BuildBackBetter
.
BREAKING:
@SenWhitehouse
,
@LloydDoggettTX
,
@RepCohen
+
@rosadelauro
just sent a letter with over 120 signers calling on Democratic leadership to repeal the tax breaks for millionaires Senate Republicans slipped into COVID relief last year.
Its repeal would generate $250 billion.
Meet Leonard Leo.
He's the mastermind behind the stacking of the Supreme Court with right-wing extremists.
His dark money group just received the largest political donation in history—$1.6 BILLION from billionaire Barre Seid—totally tax-free.
Here's what you need to know 🧵
Jeff Bezos paid $0 in federal income tax in 2007 and 2011. Elon Musk paid $0 in 2018. The Forbes 400's average tax rate is 8%.
@POTUS
is 100% right to propose a 20% minimum
#BillionairesTax
to make them start to pay their fair share.
John Oliver just nailed it.
"The debate shouldn't be about whether debt is good or bad, it should be about whether the investments that we are making are worth it."
Rescue, recovery, infrastructure? Worth it.
Tax cuts for the rich and corporations? Never, ever worth it.
A bombshell
@propublica
report revealed that for decades GOP mega-donor Harlan Crow has hosted Thomas on luxury vacations worth hundreds of thousands of dollars—that Thomas never disclosed.
This is how billionaires manipulate our politics.
.
@AOC
is right.
"We should examine why our colleagues in the Republican Party are so invested in protecting the wealthiest people, and would rather attack healthcare and services for our veterans than repeal tax cuts for yacht owners and private jets."
BREAKING: Congressional Democrats just introduced a bill to END Trump-GOP tax cuts for corporations that outsource jobs and profits.
(Yes, the 2017 Trump-GOP tax scam really incentivized that.)
Here’s what you need to know about the No Tax Breaks for Outsourcing Act 🧵
Us when we found out that McConnell's HEALS Act provides $0 in nutritional assistance to families struggling to put food on the table but revives the 100% business meal deduction for CEOs' and lobbyists' "three-martini lunch."
Billionaires shouldn’t be able to buy political access and influence with their enormous fortunes.
It's well beyond time for Citizens United to go, and to put real action towards making billionaires pay their fair share in taxes.
Our democracy depends on it.
Citizens United opened the floodgates to unlimited political spending.
Before Citizens United, Crow and his family spent ~$163,000 a year on average on elections.
Their spending rose nearly 10-fold to $1,571,000 annually after the Supreme Court decision.
As of today, millionaires have officially stopped contributing to Social Security for the rest of 2023.
Billionaires stopped paying the first day of the year.
Working Americans contribute all year long.
#ScrapTheCap
BREAKING: America's billionaires got $1 TRILLION richer in 2021, a 25% gain in collective wealth that will go largely untaxed.
If a Billionaires Income Tax, as proposed by
@RonWyden
, was in place last year, they could have owed up to $240 billion.
BREAKING: Just 50 billionaire families have already spent more than $600 MILLION on the 2024 elections.
Instead of paying their fair share in taxes, they’re buying elections to rig the system on their behalf.
We really, really need to tax billionaires.
Millionaires are paying about HALF the tax rate they did pre-1980.
Where corporations once provided up to 1/3 of federal revenue—their share is now under 10%.
The rich are richer than ever, and corporations are raking in record profits.
"Trickle-down economics" is a failure.
One of the biggest rail companies whose workers are preparing to strike for paid sick leave, BNSF, is owned by billionaire Warren Buffett.
In 2021, BNSF made $6 billion.
Buffett is worth $110 billion.
They can afford to give their workers sick days.
BREAKING: Billionaire wealth in America has officially hit a record $6 TRILLION.
Billionaires are now $3 trillion richer than they were before the Trump tax scam—and 9x richer than they were in 2000.
Billionaires don't need more tax cuts. They need to pay their fair share.
REPORT: Nearly HALF of the funding for the two GOP congressional super PACs so far this election cycle has come from just 27 billionaires.
The GOP's tax cuts for the rich and corporations are paying off for them. 🧵
MORE:
#TaxBillionaires
BREAKING: Billionaire corporations are lobbying Congress for a tax break that could cost up to $200 billion over ten years.
Some of the biggest beneficiaries will be the private equity billionaire tycoons killing jobs and already paying lowered tax rates.
BREAKING: Billionaires are 77% richer since 2017 Trump-GOP tax scam that was so heavily slanted to the wealthy it undoubtedly contributed to the $2.2 TRILLION billionaire-wealth growth.
Republicans want to shut down the government to give more tax breaks to the rich.
Justice Thomas has been on SCOTUS for 30+ years.
For 25+ of those years, Crow has had private access to him on estates and mega-yachts, while showering him with expensive gifts.
A regular citizen is lucky to be able to ask a SCOTUS Justice a single question at a public lecture.
The Crow family has spent $25.8 million trying to influence elections over the past 35 years.
But nearly 80% of that spending has come in just the 13 years since Citizens United.
That figure doesn’t include donations to conservative organizations that don’t have to be reported.
WATCH:
@SenWhitehouse
lays out what Democrats' IRS funding has already accomplished at a
@SenateBudget
hearing on
#WealthyTaxCheats
—$160 million collected from rich tax cheats
—90% of phone calls answered, up from 17%
—Wait times down to 3 minutes
Funding the IRS works.
REPORT: Starbucks’ Howard Schultz got $940 million richer during the pandemic.
Starbucks' effective tax rate was slashed from 28% to 18% by Republicans in 2017.
They can afford to let their workers unionize.
But taxpayers are subsidizing their union-busting efforts. 🧵
It's projected to cost the IRS under $250 million a year to provide a free, simple, online tax-filing service.
Meanwhile, Americans spent around $14 BILLION on private tax preparation services last tax season.
THIS is why Intuit and TurboTax are fighting IRS funding.
REPORT: America's wealthy family dynasties—like the Waltons and Kochs—are set to dodge $8.4 trillion of estate taxes in coming decades while passing $21 trillion on to heirs.
They're dodging the equivalent cost of FOUR Build Back Better plans.
MORE:
A 2% minimum tax on the world's 3,000 billionaires would raise as much as $250 BILLION every single year.
Billionaires won't miss 2% of their wealth.
But imagine what we could do for working families with $250 billion in revenue a year.
Tax billionaires.
Never forget that the same Republicans who had no problem passing $1.9 trillion in tax cuts mostly for the rich and corporations are now complaining about the prospect of spending $1.9 trillion to help working families through a global pandemic. Seriously.
BREAKING: The IRS has recovered $1 BILLION in unpaid taxes from millionaire tax cheats.
This is what happens when you fund the IRS.
"Now that we are resourced, we can do the job of ensuring that they pay."
Anyone trying to cut IRS funding just wants to protect rich tax cheats.
BREAKING: According to new White House figures, billionaires pay an effective federal income tax rate of just over 8% per year on average.
Raise your hand if you pay a higher tax rate than 8%.
(Hint: The average rate for all taxpayers is about 14%.)
BREAKING:
@WHCOS
says
@Sen_JoeManchin
is "very persuadable" on the $3.5 trillion budget package despite debt concerns.
Why? The bill adds "nothing to the debt" and is "fully paid for" by raising taxes on the wealthy & corporations not paying their fair share.
Let's get it done!
BREAKING: Corporations like Amazon, Ford, Microsoft are lobbying to extend Trump-GOP corporate tax cuts expiring this year. If made permanent, they could cost up to $600 BILLION.
58 national groups just sent a letter urging Congress to REJECT corporate tax cuts in the lame-duck.
BREAKING: At the State of the Union,
@POTUS
plans to propose raising taxes on the rich and corporations.
—Minimum 25% income tax on billionaires
—Minimum 21% income tax on billion-dollar corporations
—Raise corporate tax rate to 28%
—Quadruple the stock buyback tax
Let's go!
There's not much that 78% of Americans agree on.
But 78% of voters want to expand Social Security and pay for it by making the wealthy pay their fair share of taxes.
What's even crazier?
That includes 69% of Republicans.
Tax the rich. Expand Social Security.
BREAKING: Today, House Republicans will use their new majority to try to REPEAL funding for the IRS to go after wealthy tax cheats.
Remember that the richest 1% cheat us out of $160 billion every year.
It’s official—Republicans’ day-one agenda is to protect wealthy tax cheats.
The richest 1% avoid paying $160 billion in taxes every year.
House Republicans are using their new majority to try and repeal IRS funding that will make rich and corporate tax cheats pay what they owe.
The GOP wants to let their rich friends keep cheating the rest of us.
REPORT: 1 year, 530k deaths, 29 million cases & 78 million lost jobs into the pandemic, America's 657 billionaires have profiteered their way to $1.3 trillion in gains. That's a 44% windfall since last March.
Their pandemic profits alone could fund 2/3 of the
#AmericanRescuePlan
If Elon Musk can afford to buy Twitter, he can afford to pay his fair share in taxes on his wealth gains every year, not just when he decides he feels like it.
Meet Steve Wynn.
He's a billionaire casino magnate, a major funder of conservative causes and candidates, and DOJ is suing him for lobbying President Trump as an agent of China.
And he's pushing Republicans to lie about Democrats' IRS funding.
Here's what you need to know 🧵
Kyrsten Sinema bragging about saving tax breaks for Republican donors and trashing Joe Manchin for being “too liberal” on taxes just proves how effective billionaire donor money can be at warping our tax code.
End Citizens United and tax billionaires.
BREAKING: 101 national groups just sent a letter urging Senators NOT to back down when it comes to making the rich & corporations pay their fair share of taxes in the final Build Back Better deal.
The letter urges closing even more loopholes AND taxing billionaire wealth gains.
A 60% tax on the increased wealth of billionaires during the pandemic would raise enough to cover out-of-pocket healthcare costs for all Americans for one year.
Thank you,
@Ilhan
, for stepping up to the moment and introducing a bill to
#MakeBillionairesPay
!
BREAKING: America's 664 billionaires have now seen their wealth grow by $1.3 trillion during the pandemic alone.
These gains alone could pay for over 2/3 of Biden's
#AmericanRescuePlan
.
Don't tell us we "can't afford" COVID relief.
Full report:
RT if you think
@Sen_JoeManchin
should insist the infrastructure package be paid for by corporations paying more of their fair share in taxes, NOT by gas taxes and user fees.
BREAKING: Republican Budget Chair Jodey Arrington REFUSES to tax the ultra-wealthy to protect Social Security. Instead, he plans to create a death panel to cut Social Security behind closed doors.
🚨ALERT: Republicans just finished marking up their plan for a debt commission.
Let’s be clear—this is about cutting Social Security and Medicare behind closed doors.
If Republicans really wanted to rein in the deficit, they'd be taxing the rich.
🚨 BREAKING: Tax on billionaire wealth gains included in
@POTUS
' budget! The plan makes billionaires pay a minimum 20% tax rate on their income—including income from wealth like stocks & other assets.
RT if you agree that it's time for a
#BillionairesTax
!
📺 MEET BILLIONAIRE JEFFREY YASS
The richest man in Pennsylvania is spending MILLIONS to quietly influence our elections and crusade against public schools—while paying a lower tax rate than many Americans.
RT and share with
#TaxThatYass
to expose his dark money 🧵 1/
Billionaire net worth before and after the Trump tax scam:
Elon Musk
2017: $20 billion
2024: $258 billion
Jeff Bezos
2017: $83 billion
2024: $216 billion
Mark Zuckerberg
2017: $72 billion
2024: $187 billion
Warren Buffett
2017: $81 billion
2024: $131 billion
See the problem?
HUGE: The IRS says it has recovered $122 MILLION in unpaid taxes from 100 wealthy tax cheats in just the last few months.
That's on top of the $38 MILLION they recovered earlier this year.
This is what happens when you give the IRS the resources to go after wealthy tax cheats.