Article

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: 

The image features a headline that reads: Firefighters, nurses, and teachers SHOULD NOT pay a higher tax rate than billionaires with superyachts. Period. Beneath the headline are pictures, from left to right, Jeff Bezos, Mark Zuckerberg, and Elon Musk in front of a background of $100 bills. A footer reads: What’s wrong with this picture?

 

In the news

What we’re reading

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.

The positions of American Progress, and our policy experts, are independent, and the findings and conclusions presented are those of American Progress alone. A full list of supporters is available here. American Progress would like to acknowledge the many generous supporters who make our work possible.

Authors

Brad Chester


Previous
Next

You Might Also Like