Senate Finance Committee Chairman Ron Wyden is developing a Billionaires Income Tax that will tax yearly gains in wealth to ensure billionaires start paying their fair share every year like working families do in their paychecks. President Biden has already voiced his support for the plan. According to the Wall Street Journal, “under current law, someone whose net worth rose to $22 billion from $20 billion and sold nothing would have no [taxable] income. Under Mr. Wyden’s proposal, that person would have $2 billion of taxable income.”
Spread the word on social media!
Billionaires pay an 8% average US income tax rate, far less than working families.
That’s because most billionaire money comes from gains in wealth, not from wages.
It’s time for a #BillionairesIncomeTax so they pay their fair share like the rest of us do. #RewardWorkNotWealth