In his State of the Union address, President Biden called on Congress to pass the Billionaire Minimum Income Tax, to ensure households worth over $100 million are paying a fairer share in taxes.

According to IRS data, in multiple years billionaires such as Jeff Bezos, Elon Musk, and Michael Bloomberg paid zero federal income taxes even as the gains they generated from their wealth grew by billions of dollars.[1] Over a recent nine-year period, the 400 richest billionaires paid an average effective federal income tax rate of only 8.2% when the growth in the value of their stock holdings is included in their income.[2] That’s less than the 13.3% average federal income tax rate for all taxpayers.[3]

The Billionaire Minimum Income Tax would ensure the very wealthiest Americans are 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. And it’s estimated to raise at least $360 billion over 10 years, which can be used to lower costs for working families on everything from healthcare to childcare to housing and more.[4]

Add your name today to show you’re with President Biden, demanding Congress act to pass the Billionaire Minimum Income Tax Act.

Tell Congress: Pass President Biden’s Billionaire Minimum Income Tax to rein in the extreme concentration of wealth among America’s billionaires and ultra-rich millionaires and use that revenue to invest in working families.

[1] “Summary of ProPublica’s Report on Billionaire Tax Dodgers,” Americans for Tax Fairness, July 23, 2021
[2] “What Is the Average Federal Individual Income Tax Rate on the Wealthiest Americans?” The White House, Sept. 23, 2021
[3] “Summary of the Latest Federal Income Tax Data, 2022 Update,” Tax Foundation, Jan. 20, 2022
[4] “President’s Budget Rewards Work, Not Wealth with New Billionaire Minimum Income Tax,” The White House, March 28, 2022