Eleven Coloradans are among 250 millionaires nationally who called on U.S. House leaders today to include U.S. Sen. Ron Wyden’s (D-OR) Billionaires Income Tax (BIT) in the Democrats’ Build Back Better legislation.
In a letter to House Speaker Nancy Pelosi (D-CA), Senate Leader Chuck Schumer (D-NY), and others, the millionaires assert that $250 billion could be raised from taxing investment gains by billionaires.
The signees also write that taxes should go up not just on billionaires but also on other “high-wealth” individuals, including millionaires like themselves.
“We support tax reforms that ensure high-wealth individuals like us pay our fair share, such as those included in the Build Back Better Framework: a new surtax on millionaires and closing two major loopholes that owners of pass-through businesses use to significantly reduce contributions to the common good,” states the letter. “We support these reforms because the country needs more revenue to make vital improvements in healthcare, education, childcare, housing, climate response and more. However, even with these important reforms, many billionaires can still pay little or nothing in taxes.”
Colorado millionaires who signed the letter include Merle Chambers, Wendy Emrich, James Iacino, Blake Jones, Brita Mackey, Chris Newton, Joel McCormack, Janna Fisher Miller, Nancy Reichman, John Schwartz, and Jill Soffer.
A tax on the investment income of billionaires was under serious consideration by U.S. Senate Democrats and Biden, but was apparently scrapped last month in favor of a different set of taxes, including taxes on high-wealth individuals, to fund the programs in the Build Back Better legislation.
As it stands, billionaires won’t pay their fair share of taxes, state the signees of the letter.
Americans for Tax Fairness, the Patriotic Millionaires, and Responsible Wealth promoted the letter.