MADISON, Wis. – This week, President Biden announced his budget for Fiscal Year 2023 which will reduce our country’s 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. The budget will also impose a new Billionaire Minimum Income Tax on the top .01 percent of Americans, to ensure that the wealthiest in this country pay their fair share and alleviate pressure on working families.
“While Republicans like Ron Johnson have spent years cozying up to billionaires and rigging the tax code to provide breaks to himself and his biggest donors, President Biden and Democrats are working to lower costs for working families by simply asking the wealthy to pay their fair share,” said Democratic Party of Wisconsin Chair Ben Wikler. “The difference couldn’t be more clear: while Democrats are laser-focused on lowering costs for working families, the Republican Party is running on an agenda that would hike taxes on 32% of our state and gut health care protections for those living with pre-existing conditions.”
While even Senator Scott himself cannot defend his own GOP plan to raise taxes on over half of Americans and sunset the Social Security and Medicaid programs Wisconsinites rely on, President Biden’s Billionaire Minimum Income Tax would level the playing field and ensure equitable taxes for the wealthiest in our country – only applying to the top one-one hundredth of one percent (0.01 percent) of American households.
For a full breakdown of President Biden’s Billionaire Minimum Income Tax, see HERE.