President Biden, in his SOTU2024 address, is pushing for a fairer tax system by proposing a minimum tax rate of 25% for the 1,000 billionaires in America, aiming to correct the imbalance where billionaires pay an average federal tax rate of 8.2%, much lower than middle-class workers. This proposal is part of an effort to ensure no family earning less than $400,000 will pay additional federal taxes, while potentially raising $500 billion over the next 10 years, which could cover about 10% of the Build Back Better bill, previously obstructed by Joe Manchin. The initiative builds on the progress made by the Inflation Reduction Act in targeting ultra-wealthy tax evaders.
“No billionaire should pay a lower tax rate than a teacher, sanitation worker, or a nurse.”
This shouldn't be controversial. The wealthiest Americans shouldn't pay a lower tax rate than firefighters and teachers. I'll keep fighting alongside President Biden to make the ultra-rich pay the taxes they owe. #SOTU https://t.co/Ipe5ZhoBz9
Teachers, sanitation workers, and nurses shouldn't be paying a higher tax rate than billionaires! https://t.co/ZUVBBkXHSr
I am proposing a minimum tax for billionaires of 25 percent. No billionaire should pay a lower tax rate than a teacher, a sanitation worker, or a nurse.
“No billionaire should pay a lower federal tax rate than a teacher or a sanitation worker.” -- @POTUS #SOTU24 https://t.co/IpliP6PnWL
“Do you really think the wealthy and big corporations deserve the $2 trillion tax break? I sure don't. I'm gonna keep fighting like hell to make it fair. Under my plan, no, earning less than $400,000 will pay additional taxes – nobody. -- @POTUS #SOTU24 https://t.co/y1b9jFPjGs
.@POTUS: "There are 1,000 billionaires in America. You know what the average federal tax rate for these billionaires is? 8.2 percent. That’s far less than the vast majority of Americans pay. No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse."
Biden: "I’ve proposed a minimum tax of 25% for billionaires. Just 25%. That would raise $500 Billion over the next 10 years. Imagine what that could do for America." It'd cover about 10% of the Build Back Better bill that Joe Manchin killed. https://t.co/6SjP3OZJ3D
Biden proposes billionaire tax rate minimum of 25%
The average federal tax rate for a billionaire in America is 8.2%. That’s a lower rate than many teachers and nurses pay. President Biden is calling on Congress to enact a minimum tax of 25% for billionaires – which would raise $500 billion over the next 10 years. https://t.co/PvZlHclJWF
President Biden: I propose a minimum tax on US billionaires of 25%.
I propose a minimum tax of 25% for billionaires. Just 25%. That would raise $500 billion over the next 10 years. Imagine what that could do for America.
Billionaires shouldn't be able to dodge their taxes and leave working Americans holding the bag. We fought alongside @POTUS to ensure the IRS can go after wealthy tax cheats. MAGA Republicans are STILL trying to repeal our law. We can't let them. #SOTU
"No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse!" Billionaires simply need to pay their fair share.
All Americans should pay their fair share in taxes & @POTUS is hard at work delivering on that promise. From proposing a higher corporate tax rate to ensuring the IRS is fully funded to stamp out tax evasion, @POTUS is making it clear no one gets to cheat on their taxes. #SOTU
Thanks to the Inflation Reduction Act, ultra-wealthy tax cheats who owe MILLIONS in back taxes are finally paying their fair share. Billionaires shouldn’t have a free pass on paying what they owe in taxes! #SOTU2024
The ultra-wealthy pay a significantly lower tax rate than middle class Americans. This is unacceptable, and @POTUS’ proposed billionaire tax would right this wrong by making the ultra-wealthy finally pay their fair share. #TaxTheRich #SOTU
.@POTUS has fought to build a fairer tax system that values hard work. The fight continues to make big corporations pay their fair share and ensure tax cuts for middle-and-low-income families. No family earning less than $400,000 will pay an extra dime in federal taxes.