House Republicans are pushing another item on President Joe Biden's agenda: taxing the ultra-rich.
The Billionaire Minimum Income Tax Act was introduced by Reps. Don Beyer (D-VA) and Steve Cohen (D-TN).
A congressional fact sheet outlined a 20% levy on households worth more than $100 million, affecting approximately 0.01% of U.S. families.
The 20% tax applies to "total income," which includes earnings and unrealized capital gains, or asset growth.
According to the bill, which has 30 co-sponsors, it also includes a credit to avoid double taxation and an optional payment plan.
According to the White House, the wealthiest 400 families paid an 8.2% average federal income tax from 2010 to 2018. In comparison, the average American earns 13.03%.
As per a March 2022 YouGov PLC survey, many Americans support higher taxes on the super-rich.
Despite growing social demand for higher taxes on the ultra-rich, billionaire tax reforms have failed to gain widespread acceptance within the Democratic Party.