You Probably Pay a Higher Tax Rate Than Jeff Bezos

This piece was originally published in the April 6, 2022 edition of CAP Action’s newsletter, the Progress Report. Subscribe to the Progress Report here.

“A firefighter and a teacher shouldn’t pay a higher tax rate than a billionaire pays. That’s not right. My budget contains a Billionaire Minimum Income Tax to make sure billionaires pay their fair share.” – President Joe Biden

President Biden released his proposed budget for 2023—and it contains some important changes. Among them is Biden’s proposed billionaire minimum income tax that would set a minimum income tax of 20 percent on households worth $100 million or more. 

To put the proposal in context, billionaires on average pay about 8.2 percent in federal income tax—and many pay even less. That’s a little more than half of the rate paid by many middle-class Americans such as firefighters and teachers. Basically, if you’re reading this, you’re probably paying a higher tax rate than Jeff Bezos, Bill Gates, or Elon Musk. 

As Americans sit down to file their own taxes ahead of Tax Day, they should keep this in mind and fight for an America where the wealthiest pull their weight and pay their fair share of taxes.

Share this graphic to fight for a more equitable tax system: 

In the news

• Former President Barack Obama went to the White House for the first time since leaving office to celebrate his signature legislative achievement, the Affordable Care Act. The event included announcements by President Biden of ways his administration plans to strengthen the law and make health care more affordable for millions of Americans.
• Georgia became the second state, after Florida, to pass a law giving state law enforcement the power to investigate elections. The law is a part of the nationwide effort by numerous Republican lawmakers to overturn free and fair elections.

What we’re reading

• “In America, the business of lies is winning — and killing people” by Dr. Kavita Patel (MSNBC)
• “Here’s what’s in the $10 billion Covid-19 aid bill” by Katie Lobosco and Tami Luhby (CNN)
• “Big oil companies are using wartime profits to enrich investors, report says” by Maxine Joselow (The Washington Post)
• “Affordable housing, long overlooked, getting federal boost” by Michael Casey (The Atlanta Journal-Constitution)
• “Collins, Murkowski, Romney help break deadlock on Jackson’s nomination” by Jordain Carney (The Hill)

This piece was originally published in the April 6, 2022 edition of CAP Action’s newsletter, the Progress Report. Subscribe to the Progress Report here.