President Biden’s proposed budget would reduce deficit by asking billionaires and top 0.01% of Americans to pay their fair share
Yesterday, 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 disastrous GOP agenda to raise taxes on 42.5% of Georgians and sunset Social Security and Medicare in five years. Currently, many billionaires pay a lower effective tax rate than Georgia firefighters and teachers.
“While Republicans have rallied behind Rick Scott’s plan to raise taxes on 42% of Georgians, President Biden wants billionaires to pay their fair share to help lower costs for working Americans. Billionaires should not pay a lower effective tax rate than many Georgia firefighters and teachers, full stop. The difference is clear: Democrats are on the side of working Georgians while Republicans want to force them to pay more,” said Rebecca Galanti, spokesperson for the Democratic Party of Georgia.
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 – which would apply only to the top one-one hundredth of one percent (0.01%) of American households – would make sure that the wealthiest Americans pay their fair share.
For a full breakdown of President Biden’s Billionaire Minimum Income Tax, see HERE.
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