Close the Billionaire Tax Loophole

800px-wall_street_sign_-rmajouji

Target: Representative Kevin Brady, Chairman of the House of Ways and Means Committee

Goal: Close the billionaire tax loophole so that the nation’s wealthiest citizens are forced to pay their fair share of taxes.

A loophole in the tax code lets the nation’s wealthiest, the millionaires and billionaires, who have made their money from Wall Street, avoid paying their fair share in taxes. In many cases, these men and women are paying less than the average working American. People such as nurses, teachers, laborers, retail workers, and others who struggle to make ends meet and provide for their families are paying more in taxes than Wall Street investors, who make more than average American will ever hope to make in their lifetime.

Our own president-elect has made us aware of tax loopholes that enabled him to get away with not paying taxes for nearly 20 years. He complains of our infrastructure crumbling, our roads deteriorating, and our airports looking as if they were in the middle of “third world countries.” Perhaps if he and the others like him, who have made billions off the backs of hardworking Americans, paid their fair share in federal taxes, our nation could have better, more improved infrastructure.

When millionaires and billionaires don’t pay taxes, they can pass their vast fortunes on to their heirs. Dynasties are formed and wealth inequality becomes an endless cycle that will never end, but only broaden. Sign the petition and demand that Congress act to close the tax loophole so the nation’s wealthiest pay their fair share of taxes.

PETITION LETTER:

Dear Representative Brady,

A federal tax loophole in our nation allows the millionaires and billionaires, many of them Wall Street investors who made their fortunes off the backs and struggles of average Americans, to get away with paying very little in taxes. In many cases, these men and women are paying fewer taxes than our nation’s nurses, teachers, and laborers, who will never make in their lifetime the amount of money someone on Wall Street can make in one year.

This tax loophole must be closed. It not only puts a burden on federal tax dollars that are supposed to go towards the infrastructure and services our nation can offer its citizens, it also forms dynasties of vast wealth. If the so-called “billionaire tax loophole” does not close, neither will this nation’s wealth inequality gap. I ask that you and your fellow congressmen and women close the tax loophole.

Sincerely,

[Your Name Here]

Photo Credit: RMajouji

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24 Comments

  1. CiCiLee JONES says:

    You bastards WANT to be rich pay your fucking taxes

  2. Gen Lovyet Agustsson says:

    poor people cant pay taxes but rich people can pay taxes unless they go homeless with the rest of the poor people.

  3. Lisa Pineiro says:

    To CiCiLeeJONES
    WHAAA???
    “You bastards WANT to be rich pay your fucking taxes”
    What does that EVEN mean???

  4. Do some research….the wealthy already pay the same if not more per their income. Please stop fear mongering…..

    • Virginia Lee says:

      The petition refers, albeit indirectly, to the Carried Interest Rule that let certain people (Buffett, Romney, Trump) pay vastly lower rates on each dollar earned. The Petition could be worded better, but is right about the problem. The President’s Budget proposed to end the Carried Interest Rule. That was killed without debate by Paul Ryan, chairing the GOP side of the Budget writing process. The Rule has no legitimate basis in accounting or law, it’s a pure favor negotiated by lobbyists.
      It costs Americans Billions annually and is a factor in several issues weighing down the US economy such as the growing wealth gap, which is detrimental to the US consumer economy and stagnation of capital, which kills job creation.

      • Thanks Virginia! The petitioner should have included that explanation or some version of in the petition. Only only scrolled down to read the comments as I was completely in the dark after reading the totally inadequate explanation.

      • I hear you and agree that the carried interest loophole which allows folks to have their income treated as capital gains and thus be taxed at a lower rate must be eliminated. Personally, I think that all capital gains income should be taxed at the regular rate. Here’s the problem. Trump wants to lower the corporate tax rate to 15% so Wall St. folks who are now on salary will figure out a way to become a corporation so that they can pay 15% tax on their million dollar salaries….

  5. Lisbeth Hood says:

    That MUST INCLUDE THE CLINTONS!

    • Virginia Lee says:

      The Clintons released years of returns; they paid the highest federal effective tax rate averaging 35%, whereas the Wall St Loophole equates to a paltry 15% at best. Wall Street Loophole refers to Carried Interest Rule that benefits only Private Equity Managers (Mitt Romney) and Real Estate Developers (Trump).
      There is no true business or accounting justification for the Carried Interest Rule and many lawmakers and accountants oppose it. It is purely a favor that Wall Street negotiated for themselves. President Obama proposed to end this giveaway but was blocked by Paul Ryan and the GOP. This loophole costs real taxpayers Billions every year!

      • Paul Ryan might be priming himself for a run at the GOP leadership in the future…..as if trump was not scary enough.These people only believe in crony capitalism and backroom deals for themselves

  6. Heather Brophy says:

    SINCE trump WILL BE Pres. I GUESS WE DON’T HAVE TO PAY TAXES, RIGHT?

    • More likely trump will eliminate all taxes for the elite and increase them for everybody else…….spoken like a true politician

  7. The Only reason why Trump ran for office is to make sure he doesn’t have to shell out anymore money. He only cares about Trump and no one else!

    • Virginia Lee says:

      Suzanne, some may dismiss your comment, but I agree with you that it could be just that simple: MONEY. I believe Trump is rich, but nowhere near as rich as he’d have us believe. It’s a matter of public record that a sizable part of the family fortune came from Fred Trump (Donald’s dad, who handed Donald the RE business) cheating taxpayers and WWII veterans on federal homebuilding contracts. Even so, Donald mismanaged the company and went bankrupt at least four times. Perhaps it’s time for another huge infusion of cash, courtesy of Uncle Sam (you and me).

  8. Billionaires already OWN the US government. No amount of you whining is going to change the way things are. If you want real change, work for yourself and stop paying income tax, stop borrowing money, and live on what you can afford. If everyone did that the bankers would lose their pow

    • Thanks for your comment , George. Please, however , use another word in place of whining. Not everyone can work for themselves. We do need to find a way to disconnect from those who get rich on our ignorance and lack of involvement. Recall also, that greed is an addiction. We all need to be aware of how easy it is to become addicted especially to money.

    • Virginia Lee says:

      Way to wave the white flag! Not long ago, the US only had ONE billionaire; today we have 540, primarily due to the US tax code. The entire Code was rewritten 30 years ago, mostly by President Reagan’s Wall Street guy, Donald Regan. If you think it is set up to benefit ethical small business owners, or working people on any level, you are mistaken.

    • Work yourself at what, selling cookies on the street corner?

  9. This is too generalized. Please list the loopholes that are being protested & describe them, thank you.

  10. Virginia Lee says:

    M Leybra, petitioner is referring to the Carried Interest Rule, which allows only tiny minority of taxpayers to report earned income as capital gains and thus pay income tax at a vastly lower rate and avoid Social Security and Medicare Taxes completely on those earning. The value of this tax break can easily amount to millions per year for one person and there is ZERO accounting justification. It’s pure make believe, not to mention an egregious example of “might makes right”. 

  11. michael guest says:

    Enough is enough! Corporations and the wealthy can’t be excluded from taxes. That’s unacceptable. It’s time to close this loophole and make rich pay their fair share of taxes now.

  12. Time to pay their fair share. Some don’t pay any income tax at all but still get the benefit; Police, fire, military.

  13. The UK Nazi Government actually and actively encourages the billionaires to avoid tax and those of at the very bottom of the Dungheap pay the price for their fraud and corruption, all of the Mad Old Bitch’s (MAY) Cabinet and most of her MP’s are millionaires or multi millionaires so they’re all actively avoiding paying tax whilst making massive expense claims too to supplement their meager £74,000+ salaries, Ministers are on 100 grand+, but none go short on expenses, my own MP claimed £156,000 in expenses last year and a salary of 114 grand!
    None of them go short.

  14. The people who have more money should be the ones to pay more taxes, duh.

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