The Billionaire Minimum Income Tax, proposed by President Biden and introduced in the House by Rep. Steve Cohen & Rep. Don Beyer, would ensure that the very wealthiest Americans pay a tax rate of at least 25% on their full income, including increased value of stock. It will make sure that they no longer pay a tax rate lower than teachers and firefighters. The tax will apply only to 0.02% of American households – those worth over $100 million. Over half of the revenue will come from households worth more than $1 billion. It will raise about $503 billion over 10 years.

The Billionaires Income Tax will ensure that billionaires pay a tax rate of at least 23.8% on their full income, including increased value of stock. It will make sure that they no longer pay a tax rate lower than teachers and firefighters. The tax will apply to roughly 700 billionaires – those with a net worth of $1 billion and/or income of at least $100 million a year for three consecutive years. It will raise more than $557 billion over 10 years.