While many billionaires currently pay a lower effective tax rate than Idaho firefighters and teachers, yesterday President Biden proposed a budget that would reduce the deficit by asking billionaires and the top 0.01% of Americans to pay their fair share
This week, President Biden announced his budget for Fiscal Year 2023, which would impose a new Billionaire Minimum Income Tax on the wealthiest Americans, reduce the deficit by more than $1 trillion over the next decade, advance safety and security at home and around the world, and make the investments needed to build a better America. Meanwhile, Republicans have embraced Senator Rick Scott’s GOP agenda to raise taxes on 35% of Idahoans and sunset Social Security and Medicare in five years.
“While Republicans have coalesced around Rick Scott’s plan to raise taxes on 35% of Idahoans, President Biden wants billionaires to pay their fair share to help lower costs for working Americans, because they shouldn’t pay a lower effective tax rate than many Idaho firefighters and teachers. We’ve seen the same dynamics play out at the Idaho Capitol. Earlier this year, Governor Little signed a lopsided tax bill that overwhelmingly benefited profitable corporations and the wealthiest instead of repealing the sales tax on groceries and reducing property taxes. The difference is clear: Democrats are on the side of working Idahoans while Republicans want to force them to pay more,” said Idaho Democratic Party Chair Lauren Necochea.
While even Senator Scott is struggling to defend his new GOP plan to raise taxes on the poorest Americans and sunset Social Security and Medicare in five years, President Biden’s Billionaire Minimum Income Tax would make sure that the wealthiest Americans pay their fair share and would apply only to the top one-one hundredth of one percent (0.01%) of American households.
For a full breakdown of President Biden’s Billionaire Minimum Income Tax, see HERE.