WASHINGTON – Congressmen Steve Cohen (TN-09) and Don Beyer (VA-08), after extensive consultations with White House and Treasury Department officials, today introduced the Billionaire Minimum Income Tax Act , to ensure that the wealthiest Americans pay their fair share. in taxes.
The bill would enact President Biden’s proposal to require households worth more than $100 million to pay at least a 20% tax rate on all of their income, including unpaid earnings. made.
Congressman Cohen issued the following statement:
“The ultra-rich pay very low tax rates because their wealth derives primarily from the growing value of their assets and our current tax code allows billionaires to avoid taxes on gains unless and until they sell their assets. So while working families pay taxes on every paycheck or pension payment, the ultra-rich can earn hundreds of millions of dollars tax-free a year. Instead of all their billions going to buy superyachts, rockets, professional sports teams and Twitter, it’s time for billionaires to contribute like everyone else to pay at least a basic level of taxes. There is huge public support for this proposal, which will close the loopholes in our tax code and ensure billionaires pay a fairer share. It is time to make the tax system fair.
Congressman Beyer issued the following statement:
“The Billionaires Minimum Income Tax Act is a simple policy to prevent billionaires from paying a lower tax rate than working families. Our bill would impose a minimum tax rate on the wealthiest few with measures to prevent tax evasion, forcing the super-rich to pay their fair share, reduce inequality and fund the services the American people depend on. . Republicans cut taxes for the wealthiest among us while proposing higher taxes for the average person. We reject this failed trickle-down economic approach and respond with fair tax policy that will put our country on a stronger fiscal footing while restoring fairness to the tax code.
Congressman Dwight Evans (PA-03) issued the following statement:
Rep. Dwight Evans (D-PA) said, “As a member of the Ways and Means Committee of the House of Tax Editors, I am proud to co-sponsor President Biden’s Billionaire Minimum Income Tax. I strongly support that billionaires pay their fair share of taxes, and the estimated $360 billion in income over 10 years could be used for priorities such as cutting health care and child care costs. for families, fighting climate change, restoring the expansion of the Child Tax Credit, and fighting gun violence.
Statements from defenders:
“The President’s Billionaire Minimum Income Tax introduced by Representatives Cohen and Beyer would play a vital role in reforming the tax system, effectively and fairly raising funds from those who could most afford to pay more. It does this by closing what is effectively a major loophole that allows the wealthiest Americans to choose when and even if they should pay taxes on some of their major sources of income.
– Jason Furman, Aetna Professor of Economic Policy Practice at Harvard University and former Chairman of President Obama’s Council of Economic Advisers
“This bill is a big step forward in ensuring that the wealthiest Americans pay their fair share of taxes on all of their income.”
– Danny Yagan, former chief economist for President Biden’s Office of Management and Budget and professor of economics at the University of California, Berkeley
“Making sure billionaires pay their fair share of taxes is our top priority this election season. Voters and voters want to know if their elected officials are with them or with 700 billionaires. Congress must end the scandal of billionaires paying a lower tax rate than working families. Congress needs to create a tax system that taxes wealth income the same as labor income. Billionaires literally buy elections. American workers feel the system is rigged in their favor. Passing a minimum income tax for billionaires will begin to restore faith in our democracy, in our economic system, and in our tax code.
– Frank Clemente, Executive Director, Americans for Tax Fairness
“Small businesses pay more taxes than big businesses and billionaires. This is not only wrong, it deprives local communities of the investments we need to thrive. Our economy benefits when we all pay our fair share of taxes so that we can make the necessary public investments in child care, health care, etc.
– Chanda Causer, Executive Director, Main Street Alliance
“For too long the ultra-rich have avoided paying their fair share of taxes thanks to loopholes in the way we tax realized and unrealized capital gains. The billionaire minimum income tax would eliminate these unfair advantages at source and force our nation’s billionaires to pay taxes like everyone else does. It is completely ridiculous that Americans who work for a living pay more taxes than our country’s billionaires, but this legislation would finally put an end to a shameful status quo. It’s time for Congress to get behind this common-sense tax reform.
– Morris Pearl, president of the Patriotic Millionaires and former CEO of BlackRock, Inc.
“The tax structure should reward work, not wealth. For too long the solution has been found – the super-rich have been able to avoid their bonds while working families pay far more than their fair share. The billionaires’ minimum income tax would help restore balance to the system, removing longstanding loopholes that have allowed the most privileged Americans to protect their assets and game the system. By asking just a handful of people to pay more, this legislation would generate an estimated $361 billion in revenue over 10 years, money that could be invested in the public services our communities need to thrive. On behalf of AFSCME’s 1.4 million members, I am grateful to Representatives Cohen and Beyer for their leadership on this issue, and I urge all members of Congress to sign their bill.
–Lee Saunders, President, American Federation of State, County and Municipal Employees (AFSCME)
“There’s nothing fair about a tax code where billionaires get a free pass, Rep. Cohen and Beyer’s Billionaire Minimum Income Tax Act does nothing more than ask people who reap the most to pay their fair share, which they are not doing right now.. Billionaires have generated $2 trillion in new wealth during the pandemic and have escaped loopholes to enjoy it free of charge. tax, while working families pay to keep schools open and streets paved The Billionaires Minimum Income Tax Act would go a long way to creating justice and allowing us to prosper in ways we cannot not when we are shackled by a tax code based on inequality.
– Randi Weingarten, President, American Federation of Teachers
“It is beyond shameful that billionaires can pay lower tax rates than teachers, nurses and firefighters. This bill will help ensure that the ultra-rich start paying their fair share. We we can and must fix this broken system.
– Rahna Epting, Executive Director, MoveOn
“The Billionaire Minimum Income Tax would limit unfair tax relief, raise billions, and be incredibly well targeted. It would radically change the game to ensure that the wealthiest Americans are taxed more like the rest of us.
– Amy Hanauer, Executive Director, Institute for Taxation and Economic Policy
“Veterans like me and members of Common Defense who have served our country know what it means to sacrifice for the greater good. Requiring billionaires to pay minimum tax is not a sacrifice, it is rather this: the least they can do to reinvest in the company that propelled them to such extreme wealth in the first place.”
– Naveed Shah, Army Veteran and Political Director of CommonDefense.us
The bill was introduced with 30 original co-sponsors, including: Nanette Diaz Barragán, Brendan Boyle, Andre Carson, Yvette Clarke, Danny Davis, Peter DeFazio, Rosa DeLauro, Dwight Evans, Bill Foster, John Garamendi, Chuy Garcia, Jimmy Gomez , Raul Grijalva, Mondaire Jones, Barbara Lee, Betty McCollum, Jim McGovern, Seth Moulton, Jerry Nadler, Marie Newman, Eleanor Holmes Norton, Stacey Plaskett, Katie Porter, Jan Schakowsky, Mark Takano, Rashida Tlaib, Bonnie Watson Coleman, Peter Welch , John Yarmuth .
The measure has been endorsed by: AFL-CIO; Alliance for American Retirees; American Family Voice; American Federation of Government Employees (AFGE); American Federation of State, County and Municipal Employees (AFSCME); American Federation of Teachers (AFT); American-Arab Anti-Discrimination Committee (ADC); Americans for Tax Fairness; American Asia-Pacific Labor Alliance, AFL-CIO; Blue Haven Initiative; Center for LGBTQ Economic Advancement and Research; Center for People’s Democracy; Coalition on Human Needs; CommonDefense.us; Communications Workers of America (CWA); demos; Economic Policy Institute; Friends Committee on National Legislation; Friends of the Earth USA; Greenpeace United States; Field action; Health Care for America Now (HCAN); Indivisible; Institute of Policy Studies – Inequality Program; Institute of Taxation and Economic Policy (ITEP); International Brotherhood of Teamsters; International Federation of Professional and Technical Engineers (IFPTE); Islamic Circle of North America Council for Social Justice; Main Street Alliance; Pass; National Education Association (NEA); National Labor Law Project; National Center for Women’s Rights; NETWORK Lobby for Catholic Social Justice; Other98; Our Revolution; Oxfam America; patriot millionaires; popular action; Incremental Change Campaign Committee; Prosperity now; Public citizen; Responsible heritage; RESULTS; RootsAction.org; Service Employees International Union (SEIU); Residents; A strong economy for all; Tax Justice Network United States; Tax the ultra-rich NOW! ; Ultraviolet; United Church of Christ Justice and Local Church Ministries; United for a fair economy; Destroy our economy; Voice for Progress; Working America.
The Congress information sheet is available here.
The section-by-section summary is available here.
The full text of the legislation is available here.
The White House fact sheet is available here.
The Biden administration’s FY23 revenue proposals are available here.
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