The Progressive


A project of Common Dreams

For Immediate Release

Sam Quigley,

With Biden Endorsement of Billionaires Income Tax, Democrats Should Go All-In on Taxing the Rich

"The American people want to tax the rich, and they'll reward Democrats in November if they can do it."

Today, President Joe Biden plans to include in his budget a Billionaire Minimum Income Tax, an annual tax on unrealized capital gains of households worth over $100 million. This proposal is expected to raise over $360 billion over the next decade, with about half of that coming from households worth over $1 billion.
In response to this announcement, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc., said,
"Billionaire wealth has skyrocketed by nearly $2 trillion during the pandemic in large part due to the fact that billionaires have access to a variety of tax loopholes unavailable to normal working Americans. Their ability to choose when to pay taxes on their capital gains gives them an enormous advantage over working people who pay taxes on every paycheck. It is also the primary reason many billionaires are famously able to go years without paying any federal income taxes whatsoever.
President Biden's decision to include the Billionaires Income Tax in his budget is a monumental step towards making the richest people in the United States pay taxes every year just like Americans who work for a living.
With Senator Joe Manchin indicating he prefers to focus this year's reconciliation bill on tax reform, Democrats in Congress should build on the White House's endorsement and go all-in on passing the Billionaires Income Tax this year. The American people want to tax the rich, and they'll reward Democrats in November if they can do it."

The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country's political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three "first" principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.

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