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Dear Legislator / Member of Congress – Billionaire Wall Street bankers are paying a lower tax rate than teachers and working families because of the carried interest loophole. The billionaire loophole is costing communities billions of dollars. It’s time for legislators to close the loophole at the state level, so that they can to pressure congress to close the loophole. We urge you to sign on to legislation to close the billionaire loophole and stop billionaires from paying less in taxes than school teachers and workers. Imagine a tax scam so outrageous that even Donald Trump admits it’s inexcusable. Hard to believe, I realize, but it’s all on tape right here. Wall Street money managers (like hedge fund managers) pay lower tax rates than many middle-income families, even while earning millions — or billions — of dollars per year. Closing the carried interest tax loophole would generate about 18 billion in revenue per year — enough to fund schools and infrastructure. The “carried interest loophole,” is an egregious symbol of how Wall Street billionaires have rigged the political system for their own benefit. Despite broad and bipartisan support, Trump and Republicans in Congress refuse to act and close the loophole for good. Meanwhile, legislators in eight states have already introduced legislation to close the loophole at the state level and use that money to invest in their citizens locally. With elections around the corner, now is the time to ask your members of Congress to stand with working families, not Wall Street. Sign the petition to tell your state legislators to support closing the loophole locally and you members of Congress to close the loophole at the federal level. |
