The wealthiest owe American taxpayers $1.8 trillion dollars because they have become largely exempt from federal taxes, which contributed significantly to the country’s $1.8 trillion shortfall in 2024, compared to the $46 trillion in wealth owned by the wealthiest Americans. Apparently, the wealthy avoid taxable income through borrowing against appreciated assets instead of selling them. Additionally, inheritances and gifts are excluded from income tax. Furthermore, the estate tax fails as a “sweep-up” mechanism due to loopholes and political reluctance to reform it. The shift from taxable dividends to non-taxable growth in stock value due to stock buybacks increases the problem. Also, unlimited tax benefits for charitable giving exist through vehicles like private foundations. Payroll taxes borne primarily by working Americans become the major source of federal revenue.
To create a fairer system, as the U.S. Senator, I will champion taxing gains on appreciated assets at death or gift. I will repeal the ineffective estate tax. I will make inheritances and gifts liable to income tax. Additionally, I will reform charitable giving rules to guarantee public services. I will also work to cap wealthy donors’ tax deductions.
The Wealthiest Owe American Taxpayers $1.8 Trillion Dollars
Do you agree the wealthy should pay for the deficit they caused in 2024 by an unfair system? If so, DONATE to the Tracie Burke Campaign Committee. Then, get involved to see how your dollars work. Together we have one strong voice!
Thank you to all who already donated and for your work on social media. You are a tremendous help to spreading the word about my strategies for the U.S. Senate. Also, thanks to the volunteers on the Tracie Burke Campaign Committee. My focus is on promoting laws that serve all Louisiana communities. I am so honored you’re joining me. Keep up the good work!
