America's imbalanced tax code means that many millionaires and billionaires end up paying lower tax rates than middle class workers.
In 2021 alone, America's more than 700 billionaires saw their wealth increase by $1 trillion, yet in a typical year, billionaires like these would pay just 8 percent of their total realized and unrealized income in taxes.
A firefighter or teacher can pay double that tax rate.
President Biden's Billionaire Minimum Income Tax will make America's tax code fairer and reduce the deficit by about $360 billion in just the next decade.
The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income, including unrealized appreciation. This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.
Doesn't that sound fair?
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