{"id":1580057,"date":"2022-07-30T07:18:54","date_gmt":"2022-07-30T11:18:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1580057"},"modified":"2022-07-30T07:18:56","modified_gmt":"2022-07-30T11:18:56","slug":"house-democrats-push-for-billionaire-minimum-income-tax","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-democrats-push-for-billionaire-minimum-income-tax\/","title":{"rendered":"House Democrats Push for Billionaire Minimum Income Tax"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhouse-democrats-push-for-billionaire-minimum-income-tax%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1580057&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<div class=\"TopBanner-container\" data-top-banner-placeholder=\"true\"><\/div>\n<\/div>\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<div class=\"RenderKeyPoints-keyPoints\" id=\"RegularArticle-KeyPoints-4\" data-test=\"keyPoints-1\" data-analytics=\"RegularArticle-keyPoints-4-1\">\n<div class=\"RenderKeyPoints-wrapper\">\n<div class=\"RenderKeyPoints-list\">\n<div>\n<div class=\"group\">\n<ul>\n<li>Reps. Don Beyer, D-Va., and Steve Cohen, D-Tenn., have introduced the Billionaire Minimum Income Tax Act, calling for a 20% levy on households worth more than $100 million.<\/li>\n<li>The 20% tax applies to &#8220;total income,&#8221; including earnings and so-called unrealized capital gains, or asset growth, according to the bill.<\/li>\n<li>However, despite growing public support for higher taxes on the ultra-wealthy, billionaire tax proposals have failed to gain broad support within the Democratic Party.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ArticleBody-articleBody\" id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\">\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-106849825\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<div class=\"InlineImage-imageEmbedCredit\">Erik McGregor | LightRocket | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>As Democrats plow forward with a <a href=\"https:\/\/www.cnbc.com\/2022\/07\/27\/manchin-announces-deal-with-schumer-on-reconciliation-bill-with-tax-climate-energy-provisions.html\">slimmed-down reconciliation package<\/a>, House lawmakers are separately pushing another piece of President <a href=\"https:\/\/www.cnbc.com\/joe-biden\/\">Joe Biden<\/a>&#8216;s agenda: taxing the ultra-wealthy.\u00a0<\/p>\n<p>Reps. Don Beyer, D-Va., and Steve Cohen, D-Tenn., have introduced the Billionaire Minimum Income Tax Act, calling for a 20% levy on households worth more than $100 million, affecting roughly 0.01% of U.S. families, a congressional <a href=\"https:\/\/cohen.house.gov\/sites\/cohen.house.gov\/files\/BMIT%20One%20Pager.pdf\" target=\"_blank\" rel=\"noopener\">fact sheet<\/a> outlined.\u00a0<\/p>\n<p>The 20% tax applies to &#8220;total income,&#8221; including earnings and so-called unrealized capital gains, or asset growth, with a credit to avoid double taxation and an optional payment plan, <a href=\"https:\/\/cohen.house.gov\/sites\/cohen.house.gov\/files\/BMIT%20Final%20Bill%20Text.pdf\" target=\"_blank\" rel=\"noopener\">according to the bill<\/a>, which was introduced with 30 co-sponsors.<\/p>\n<p><strong>More from Personal Finance:<\/strong><br \/><a href=\"https:\/\/www.cnbc.com\/2022\/07\/27\/how-federal-reserves-75-basis-point-interest-rate-hike-impacts-you.html\">What the Fed&#8217;s 75-basis point interest rate hikes mean for you<\/a><br \/><a href=\"https:\/\/www.cnbc.com\/2022\/07\/28\/heres-what-advisors-are-telling-their-clients-as-recession-fears-grow.html\">Here&#8217;s what advisors are telling their clients as recession fears grow<\/a><br \/><a href=\"https:\/\/www.cnbc.com\/2022\/07\/26\/lawmakers-want-to-strengthen-social-security-how-benefits-may-change.html\">Democrats want to strengthen Social Security. What that means for benefits<\/a><\/p>\n<p>&#8220;While working families pay taxes on each and every paycheck or pension payment, the ultra-wealthy can make hundreds of millions of tax-free dollars a year,&#8221;\u00a0Cohen <a href=\"https:\/\/cohen.house.gov\/media-center\/press-releases\/congressmen-cohen-and-beyer-introduce-billionaire-minimum-income-tax-act\" target=\"_blank\" rel=\"noopener\">said in a statement<\/a>.\u00a0<\/p>\n<p>&#8220;Instead of all their billions going to buying superyachts, rocket ships, professional sports teams, and Twitter, it is time that billionaires chip in like everyone else to pay at least a base level of taxes,&#8221; he said.<\/p>\n<p>The wealthiest 400 families\u00a0<a href=\"https:\/\/www.cnbc.com\/2021\/09\/23\/americas-richest-400-families-pay-a-lower-tax-rate-than-average-taxpayer.html\">paid an 8.2% average federal income tax<\/a>\u00a0from 2010 to 2018, according to the <a href=\"https:\/\/www.whitehouse.gov\/cea\/written-materials\/2021\/09\/23\/what-is-the-average-federal-individual-income-tax-rate-on-the-wealthiest-americans\/\" target=\"_blank\" rel=\"noopener\">White House<\/a>. That compares to\u00a0<a href=\"https:\/\/taxfoundation.org\/publications\/latest-federal-income-tax-data\/\" target=\"_blank\" rel=\"noopener\">13.03% for the average American<\/a>.<\/p>\n<\/div>\n<div class=\"group\">\n<p>Broadly, many Americans approve higher taxes on the super-rich, a March 2022\u00a0<a href=\"https:\/\/today.yougov.com\/topics\/politics\/articles-reports\/2022\/04\/01\/americans-say-billionaires-dont-pay-full-taxes\" target=\"_blank\" rel=\"noopener\">YouGov PLC survey<\/a>\u00a0found, with nearly two-thirds supporting a minimum 20% tax on income of more than $100 million.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">The billionaire tax has struggled to gain traction<\/h2>\n<blockquote data-test=\"Pullquote\">\n<div class=\"Pullquote-pullquote\">\n<div>\n<div class=\"Pullquote-quote\">This stuff can take years to incubate before it&#8217;s ready for prime time.<\/div>\n<div class=\"Pullquote-sourceWrapper\">\n<div class=\"Pullquote-source\">Garrett Watson<\/div>\n<div class=\"Pullquote-info\">Senior policy analyst at the Tax Foundation<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/blockquote>\n<div class=\"group\">\n<p>Still, the latest billionaire tax proposal may be part of a &#8220;broader effort of experimenting&#8221; to see what types of taxes may get enough support, he said.\u00a0<\/p>\n<p>Some tax legislation has a &#8220;very long lead time,&#8221; with proposals discussed for five to 10 years before gaining transaction, Watson said, pointing to the Republican&#8217;s sweeping 2017 tax overhaul.<\/p>\n<p>&#8220;This stuff can take years to incubate before it&#8217;s ready for prime time,&#8221; he added.<\/p>\n<\/div>\n<\/div>\n<div class=\"WatchLiveRightRail-inline WatchLiveRightRail-container\" id=\"RegularArticle-WatchLiveRightRail-7\" data-test=\"watchLiveRightRail-4\" data-analytics=\"RegularArticle-watchLiveRightRail-7-4\">\n<div class=\"WatchLiveRightRail-contents\"><a href=\"https:\/\/www.cnbc.com\/live-tv\/\" class=\"WatchLiveRightRail-wlButton\">WATCH LIVE<img decoding=\"async\" src=\"denied:data:image\/svg+xml;base64,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\" class=\"WatchLiveRightRail-logo\" alt=\"logo\" \/><\/a><a href=\"https:\/\/www.cnbc.com\/live-tv\/\" class=\"WatchLiveRightRail-wlButtonMobile\">WATCH IN THE APP<\/a><\/div>\n<\/div>\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\"><\/div>\n<div class=\"PageBuilder-col-12 PageBuilder-col PageBuilder-article\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Reps. Don Beyer, D-Va., and Steve Cohen, D-Tenn., have introduced the Billionaire Minimum Income Tax Act, calling for a 20%<\/p>\n","protected":false},"author":1,"featured_media":1652022,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1580057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1580057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1580057"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1580057\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1652022"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1580057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1580057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1580057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}