WASHINGTON – Congressmen Steve Cohen (TN-09) and Don Beyer (VA-08), after extensive consultation with the 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 over $100 million to pay at least a 20 percent tax rate on their full income, including unrealized gains.
Congressman Cohen made the following statement:
“The ultrawealthy pay very low tax rates because their affluence derives primarily from the soaring value of their assets and our current tax code lets billionaires avoid taxes on gains unless and until they sell their assets. So while working families pay taxes on each and every paycheck or pension payment, the ultrawealthy can make hundreds of millions of tax-free dollars a year. Instead of all their billions going to buying superyachts, rocket ships, professional sports teams, and Twitter, it is time that billionaires chip in like everyone else to pay at least a base level of taxes. There is tremendous public support for this proposal, which will close loopholes in our tax code and ensure billionaires pay a fairer share. It’s time to make the tax system fair.”
Congressman Beyer made 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...
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