MADISON, Wis. – This week, President Biden announced his budget for Fiscal Year 2023, which would impose a new Billionaire Minimum Income Tax on the wealthiest Americans to reduce the deficit by more than $1 trillion over the next decade, advance safety and security at home and around the world, and make the investments needed to build a better America.
Meanwhile, Republicans have embraced Senator Ron Johnson and Rick Scott’s GOP agenda that could raise taxes on 32 percent of Wisconsinites, sunset Social Security and Medicare in five years, and gut health care protections for those living with pre-existing conditions.
While Republicans like Ron Johnson have rigged the tax code in a way that provided breaks to himself and his biggest donors, President Biden and Democrats are working to lower costs for working families. Let’s take a look:
|
Under Republicans’ Plan |
Under Biden’s Budget |
|
|
Fast Food Workers |
Taxes increase on average |
Taxes don’t increase |
|
Child Care Workers |
Taxes increase on average |
Taxes don’t increase |
|
Waiters and Waitresses |
Taxes increase on average |
Taxes don’t increase |
|
Home Health Aides |
Taxes increase on average |
Taxes don’t increase |
|
Farmworkers |
Taxes increase on average |
Taxes don’t increase |
|
Billionaires |
???
|
Taxed at least 20% on their full income, including unrealized appreciation |
While Republicans continue to serve big corporations and their wealthy donors over the families they’re supposed to represent, President Biden and Democrats are simply asking the wealthy to pay their fair share to lower costs for Wisconsinites.
For a full breakdown of President Biden’s Billionaire Minimum Income Tax, see HERE.
