Congressmen Cohen and Beyer Introduce Billionaire Minimum Income Tax Act

Press Release

Congressmen Steve Cohen (TN-09) and Don Beyer (VA-08), after extensive consultation with the White House and Treasury Department officials, today introduced the Billionaire Minimum Income Tax Act, to ensure that the wealthiest Americans pay their fair share in taxes.

The bill would enact President Biden's proposal to require households worth over $100 million to pay at least a 20 percent tax rate on their full income, including unrealized gains.

Congressman Cohen made the following statement:

"The ultrawealthy pay very low tax rates because their affluence derives primarily from the soaring value of their assets and our current tax code lets billionaires avoid taxes on gains unless and until they sell their assets. So while working families pay taxes on each and every paycheck or pension payment, the ultrawealthy can make hundreds of millions of tax-free dollars a year. Instead of all their billions going to buying superyachts, rocket ships, professional sports teams, and Twitter, it is time that billionaires chip in like everyone else to pay at least a base level of taxes. There is tremendous public support for this proposal, which will close loopholes in our tax code and ensure billionaires pay a fairer share. It's time to make the tax system fair."

Congressman Beyer made the following statement:

"The Billionaires Minimum Income Tax Act is a simple policy to prevent billionaires from paying a lower tax rate than working families. Our bill would impose a minimum tax rate on the wealthiest few with measures to prevent tax avoidance, requiring the super-rich to pay their fair share, reduce inequality, and fund services the American people depend on. Republicans cut taxes for the richest among us while proposing higher taxes on average people. We reject this failed trickle-down economics approach, and are responding with a fair tax policy that will put our country on a stronger fiscal footing while restoring fairness to the tax code."

Congressman Dwight Evans (PA-03) made the following statement:

Rep. Dwight Evans (D-PA) said, "As a member of the tax-writing House Ways and Means Committee, I'm proud to co-sponsor President Biden's Billionaire Minimum Income Tax. I strongly support making sure billionaires pay their fair share in taxes, and the estimated $360 billion in revenue over 10 years could be used for priorities like lowering health care and child care costs for families, fighting climate change, restoring the Child Tax Credit expansion, and fighting gun violence."

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