September 23,2021

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Wyden Statement on White House CEA Report on Billionaires Tax Rate

Senate Finance Committee Chair Ron Wyden, D-Ore., today released the following statement on the White House Council of Economic Advisor’s report on the average income tax rate for billionaires:

“The White House’s new report is shocking but not surprising. Billionaires are paying a mere 8 percent tax rate, lower than millions of working Americans. It’s time for a Billionaire’s Income Tax that ensures billionaires pay taxes just like the nurses and firefighters. Nurses treating COVID patients pay their taxes with every paycheck, and they know it’s fundamentally unfair that billionaires and their heirs may never pay tax on billions in stock gains. Instituting a Billionaire’s Income Tax would go a long way toward creating one fair tax code, rather than one that’s mandatory for working people and another that’s optional for the fortunate few.”