ITEP Statement on Biden Administration’s Billionaire Minimum Income Tax Plan

The following is a statement from Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, on the Biden administration’s inclusion of a Billionaire Minimum Income Tax in its latest budget proposal:

“Creating a Billionaire Minimum Income Tax would ensure for the first time that the very wealthiest people in this country, those who have gained the most from our economic system, would finally begin to pay tax on their full income, just as regular working people do on their earnings. It would affect only the richest .01 percent of households and it would raise hundreds of billions of dollars for the essential priorities that face all of us as a nation. It will help us address the soaring inequality we see in this country and make the tax code fairer, more adequate, and more sustainable. This plan offers a transformational and long-overdue change.”