Many billionaires currently pay a lower effective tax rate than Pennsylvania 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
PENNSYLVANIA — Yesterday, President Joe Biden announced his budget for Fiscal Year 2023, which would reduce the deficit by more than $1 trillion over the next decade, impose a new Billionaire Minimum Income Tax on the wealthiest Americans, 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 over 35% of Pennsylvanians, and sunset Social Security and Medicare in five years.
“President Biden wants billionaires to pay their fair share to help lower costs for people across the commonwealth and the nation, but Republicans are pushing Rick Scott’s plan to raise taxes on over 35% of Pennsylvanians. Pennsylvania firefighters and teachers should not be paying a higher effective tax rate than billionaires, and as out-of-touch Republicans keep pushing their tax hike agenda, President Biden and Democrats will continue working to lower costs for working families,” said Pennsylvania Democratic Party Executive Director Jason Henry.
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.
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