The Billionaire Minimum Income Tax

The Billionaire Minimum Income Tax, which has been introduced in the House by Rep. Steve Cohen and Rep. Don Beyer, will ensure that the very wealthiest Americans pay a tax rate of at least 20% 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 0.01% 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 $360 billion over 10 years.

Senator Ron Wyden's Billionaires Income Tax

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 $550 billion over 10 years.

Rep. Jamaal Bowman’s Babies Over Billionaires Act

The Babies Over Billionaires Act (H.R. 7502) 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 only apply to 0.01% of American households – those worth over $100 million. There is not yet an estimate about how much it will raise, but it is likely more than the $550 billion raised by Sen. Wyden’s Billionaires Income Tax. The revenue would be spent to strengthen health and education services.