Our broken tax system has long rewarded wealth over work, and President Joe Biden recognizes that needs to change. As he proclaimed at the State of the Union, "No billionaire should pay a lower tax rate than a school teacher or a firefighter," and renewed his call for a billionaire minimum income tax as part of his economic agenda.
Biden's plan, known as the Billionaire Minimum Income Tax Act, would ensure that every household worth over $100 million is paying an effective tax rate of at least 20% on their full income each year, including the increased value of their stock and other assets whether they sell them or not.
The new tax would apply only to the top 0.01% of American households and would raise an estimated $360 billion in added revenue over 10 years. More than half the revenue will come from households worth more than $1 billion. That's money everyone else can put toward ensuring health care, housing, child care, and more without increasing the deficit by a single penny.
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Sign and send to Congress: Reward work, not just wealth. Increase taxes on the ultra-rich.