Congressmen Steve Cohen (TN-09) and Don Beyer (VA-08), after extensive consultation with White House and Treasury Department officials, introduced the Act on the Billionaire Minimum Tax, to ensure that the wealthiest Americans pay their fair share of taxes. .
The bill would roll out President Biden’s proposal to require households worth more than $100 million to pay a minimum 20 percent tax on their income, including unrealized gains.
Congressman Cohen made the following statement:
“The ultrawealthy pay very little tax because their wealth is derived from the value of their assets and the current tax code allows billionaires to avoid tax on their profits if not until they sell their assets. So if working families pay taxes on every paycheck or pension, the ultrawealthy can earn hundreds of millions of tax-free dollars every year. Instead of buying superyachts, rocket ships , professional sports teams, and Twitter all billions, it’s time for billionaires to step in like everyone else to pay a minimum tax. There’s a lot of public support for this proposal, which would shut down loopholes in the tax code and ensure billionaires pay their fair share. It’s time to strengthen the tax system.
Congressman Beyer made the following statement:
“The Billionaires’ Minimum Tax Act is a simple policy to prevent billionaires from paying lower taxes than working families. Our bill would place the lowest tax rate on the richest few along with measures to prevent tax evasion, require the wealthiest to pay their fair share, reduce inequality, and fund the services the American people depend on. Republicans cut taxes for the wealthiest We reject this failed economic policy, and respond with fair tax policies that will put our nation in a stronger financial position and to restore the tax laws.”
Congressman Dwight Evans (PA-03) made the following statement:
Rep. Dwight Evans (D-PA) said, “As a member of the House Ways and Means Committee on Taxation, I am proud to co-sponsor the minimum tax of President Biden. I strongly support making sure billionaires pay their taxes, and that the $360 billion in revenue over 10 years can be used for priorities like lowering health care and child care for families, fighting climate change, restoring the expansion of child loans, and fighting gun violence.”
“The President’s minimum tax proposed by Representatives Cohen and Beyer will play an important role in reforming the tax system, making it more efficient and fair for people who can afford to pay.” more money. It does so by closing what would be a major loophole that allows the wealthiest Americans to choose when and even if they pay taxes on some of their biggest sources of income. “
– Jason Furman, Aetna Professor of Economic Policy at Harvard University and former chairman of President Obama’s Council of Economic Advisers
“This bill is an important step in ensuring that the wealthiest Americans pay their fair share of taxes on their entire income.”
– Danny Yagan, Former Chief Economist in 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 year. Voters and voters want to know if the elected representatives stand with them or have 700 billion. Congress must end the scandal of billionaires paying lower taxes than working families. Congress must create a tax system that taxes wealth at the same rate as labor income. Billionaires are literally buying elections. Working Americans feel the system is rigged for them. The imposition of the minimum tax on billions will begin to rebuild confidence in democracy, in the economic system and in the tax code.
– Frank Clemente, executive director, Americans for Tax Fairness
“Small businesses pay more taxes than corporations and billionaires. This is not only wrong, it robs local communities of the investment we need to thrive. Our economy benefits when we all pay our taxes so we can make necessary investments in child care, health care, and more. ”
– Chanda Causer, Executive Director, Main Street Alliance
“For too long, the very wealthy have avoided paying their fair share of taxes because of the loopholes in the tax system on safe and unrealized capital gains. The tax on A minimum income for billionaires would remove these unfair benefits at the source and force the billionaires in our country to pay taxes like everyone else. It is absolutely ridiculous that they pay more taxes than Our nation’s billionaires owe working Americans a living, but this legislation will finally put an end to this disgraceful situation. It’s time for Congress to step in on this common tax reform.”
– Morris Pearl, President of Patriot Millionaires and former managing director of BlackRock, Inc.
“There is nothing fair about a tax code that gives billionaires a free pass, Representatives Cohen’s and Beyer’s Billionaire Minimum Income Tax Act does nothing but ask the people who reap the most to pay their fair share — which they are not doing now. . Billionaires have amassed $2 trillion in new wealth during the pandemic — and are slipping through loopholes to enjoy it tax-free, while working families pay to keep schools and roads open. The Billionaires’ Minimum Tax Act will help create fairness and allow us to thrive in ways we couldn’t when we were constrained by a tax code that was built on inequality.
– Randi Weingarten, President, American Federation of Teachers
“It’s a shame that billionaires can pay lower taxes than teachers, nurses and firefighters. This bill will help ensure that the wealthiest start paying their fair share. This broken system can and must be repaired.”
– Rahna Epting, Executive Director, MoveOn
“Billionaires’ minimum income tax would limit unfair tax cuts, collect billions, and be well-targeted. This will completely change the game to ensure that the wealthiest Americans are taxed more like the rest of us. ”
– Amy Hanauer, Executive Director, Institute on Taxation and Economic Policy
“Veterans like me and members of the Joint Security Forces who have served our country know what it means to sacrifice for the greater good. Requiring billionaires to pay minimum taxes is not self-sacrifice, but It’s just this: it’s the least they can do. Reinvest in the community that drove them to such extreme wealth in the first place.”
– Naveed Shah, Army Sergeant and Policy Director of CommonDefense.us
The bill was introduced with 30 original collaborators, 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 was approved by: AFL-CIO; Alliance for Retired Americans; American Family Voices; American Federation of Government Employees (AFGE); American Federation of State, County & Municipal Employees (AFSCME); American Federation of Teachers (AFT); American-Arab Anti-Discrimination Committee (ADC); Americans for Tax Justice; Asian Pacific American Labor Alliance, AFL-CIO; Blue Haven Initiative; Center for Economic Advancement & LGBTQ Research; Center for Popular Democracy; Human Needs Partnership; CommonDefense.us; Communications Workers of America (CWA); Demos; Economic Policy Institute; Friends Committee on National Law; Friends of the Earth US; Greenpeace USA; Basic work; Healthcare for America Now (HCAN); indivisible; Institute for Political Studies – Program on Inequality; Institute on Taxation and Economic Policy (ITEP); International Brotherhood of Teamsters; International Federation of Professional and Technical Engineers (IFPTE); North American Islamic Circle Council for Social Justice; Alliance Main Street; Move on; National Education Association (NEA); National Labor Law Project; National Women’s Law Center; NETWORK Lobby for Catholic Social Justice; other98; Our revolution; Oxfam America; Patriotic Millionaires; People’s Movement; Forward Campaign Committee; This is prosperity; Citizen; Responsible Wealth; PRODUCT; RootsAction.org; International Employees Service Union (SEIU); Stranger; A strong economy for all; Tax Justice Network USA; Tax the rich NOW!; UltraViolet; Righteous Christ Church and local Church ministries; United for a fair economy; Unrig Our Economy; A voice for progress; Working America.
The congressional documents are available here.
A summary of each episode can be found here.
The full text of the legislation is available here.
The White House letter is available here.
The Biden Administration’s FY23 revenue proposal is available here.