Making the Wealthy Pay Their Fair Share
A proposed minimum tax on American billionaires would raise an estimated $360 billion over the next decade by ensuring that the 700 wealthiest Americans pay at least a 25% effective tax rate on their total income — including the unrealized gains on stocks and assets that currently go untaxed.
Under the current system, many billionaires pay a lower effective tax rate than teachers, nurses, and firefighters because their wealth grows through asset appreciation rather than wages, and they borrow against those assets to fund their lifestyles without ever triggering a taxable event.
How It Would Work
- Applies only to households with net worth exceeding $100 million
- Ensures a minimum 25% effective tax rate on total income including unrealized gains
- Revenue would fund childcare, healthcare, and infrastructure investments
- Estimated to affect fewer than 1,000 taxpayers nationwide
"A nurse should not pay a higher tax rate than a billionaire," said the bill's author. "This is about basic fairness in our tax code."
