Billionaire Minimum Income Tax Act

Billionaire Minimum Income Tax Act

This bill imposes a minimum tax on individual taxpayers whose net worth for the taxable year exceeds $100 million. The tax is equal to 20% of the sum of a taxpayer's taxable income, plus net unrealized gains for the taxable year. The tax may not exceed 40% of the amount by which the taxpayer's net worth exceeds $100 million.

Bill 117 HR 8558, also known as the Billionaire Minimum Income Tax Act, is a piece of legislation introduced in the US Congress. The purpose of this bill is to establish a minimum income tax rate for billionaires in order to ensure that they pay their fair share of taxes.

Under this bill, billionaires would be required to pay a minimum income tax rate of 20% on their total income. This would apply to all income, including capital gains, dividends, and other forms of income that are often taxed at lower rates than regular income.

The bill aims to address the issue of income inequality and ensure that the wealthiest individuals in the country are not able to avoid paying their fair share of taxes through loopholes and deductions. By implementing a minimum income tax rate for billionaires, the government hopes to generate additional revenue that can be used to fund important social programs and services. Supporters of the bill argue that it is necessary to create a more equitable tax system and reduce the burden on middle and lower-income individuals who often pay a higher percentage of their income in taxes than the ultra-wealthy. Critics, however, argue that the bill could discourage investment and economic growth by imposing higher taxes on the wealthiest individuals. Overall, the Billionaire Minimum Income Tax Act is a controversial piece of legislation that seeks to address income inequality and ensure that billionaires pay their fair share of taxes. It will be interesting to see how this bill progresses through Congress and what impact it may have on the US tax system.