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.”
Fact Sheets & Reports
- Senator Ron Wyden’s Billionaires Income Tax
- 8 Reasons the Billionaires Income Tax is a Great Idea
- 6 Ways to Spend Billionaires Income Tax Revenue
- Polling Compilation: Billionaires Income Tax
- Comparison of Biden’s and Wyden’s Billionaires Income Tax Proposals (Short)
- Comparison of Biden’s and Wyden’s Billionaires Income Tax Proposals (Long)
- Report: After 2 Years of Covid, U.S. Billionaires Are $1.7 Trillion, or 57%, Richer
- What Billionaires’ $1.7 Trillion in Pandemic Profits Could Fund
- Summary of ProPublica Report on Billionaire Tax Dodgers
- 219 Economists and Law Professors Support the Billionaires Income Tax
- Letter from 250+ Millionaires Supporting the Billionaires Income Tax
- 105 National Groups Urge Inclusion of Billionaires Income Tax in the Build Back Better Plan
- Media Coverage of the Billionaires Income Tax
- Ways & Means Committee Plan Under Fire for Being Too Easy on Billionaires
- Mapped: The Wealthiest Billionaire in Each U.S. State in 2022
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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
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We really, really, really need to tax billionaire wealth gains like income, so they pay taxes on what they make like the…
Posted by Americans for Tax Fairness on Thursday, October 7, 2021