Rhode Island Senators Jack Reed and Sheldon Whitehouse are supporting a bill that aims to crack down on the tax avoidance techniques used by billionaires.
Reed and Sheldon Whitehouse have joined Oregon Democratic Senator Ron Wyden to reintroduce the Billionaires Income Tax Act.
“Under President Trump, more Americans are struggling to afford healthcare, housing and groceries, and they rightfully believe our economy and our tax system are wildly skewed to favor the ultra-wealthy Americans,” said Senator Reed. “While millions of Americans pay taxes directly from their paycheck each month, billionaires with an armada of accountants are able to shield their wealth from taxation and pay a much lower tax rate on their earnings and wealth than the typical, hardworking family. Our bill fixes this disparity and ensures that billionaires pay their share of taxes just like everyone else. American families deserve no less.”
“Billionaires shouldn’t pay lower tax rates than teachers and firefighters,” said Senator Whitehouse, a member of the Senate Finance Committee. “I’m a strong supporter of Senator Wyden’s legislation to begin leveling the playing field for the middle class and put our democracy on a stronger path.”
The measure would amend the Internal Revenue Code of 1986 to eliminate tax loopholes that allow billionaires to defer taxes indefinitely through planning strategies.
The proposal would modify more than 30 tax provisions so billionaires would be required to pay taxes annually - and for other purposes.
There's a similar measure in the House - making this the first Congress to have a Billionaires Income Tax proposal in both chambers.
(Photo by BAY ISMOYO/AFP via Getty Images)
Photo: BAY ISMOYO / AFP / Getty Images