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In his second State of the Union address on Feb. 7, President Joe Biden urged billionaires and corporations to “pay their fair share,” repeating the administration’s concept of “reward work, not just wealth.”
The president proposed instituting a minimum tax on billionaires and quadrupling the stock buyback tax.
“Let’s finish the job. Reward work, not just wealth. Pass my proposal for a billionaire minimum tax,” he said. “Because no billionaire should pay a lower tax rate than a school teacher or a firefighter.”
A September 2021 report from the Office of Management and Budget and the Council of Economic Advisers found that billionaires paid an average federal individual income tax rate of 8.2 percent between 2010 and 2018.
Official details surrounding the president’s billionaire minimum tax have not been revealed. However, President Biden previously recommended this levy in his 2023 federal budget, suggesting a tax rate of at least 20 percent on households possessing a net worth of more than $100 million.
The public policy proposal failed to make its way through Congress last year, and experts say that it is unlikely to happen with a Republican-controlled House.
