President Biden has long called for taxing capital gains as ordinary income and for eliminating the stepped-up basis loophole that enables the capital gains of the very wealthy to go untaxed forever. He also believes that it is wrong for America to have a tax code that results in America’s wealthiest households paying a lower tax rate than working families. President Biden is a capitalist and believes that anyone should be able to become a millionaire or a billionaire. A firefighter or teacher can pay double that tax rate. In 2021 alone, America’s more than 700 billionaires saw their wealth increase by $1 trillion, yet in a typical year, billionaires like these would pay just 8 percent of their total realized and unrealized income in taxes. But when a billionaire earns income because their investments increase in value, that gain is too often never taxed at all.Īmerica’s imbalanced tax code means that many millionaires and billionaires end up paying lower tax rates than middle class workers. Under current law, when an American worker earns a dollar of wages, that dollar is taxed as they earn it. Get Involved Show submenu for “Get Involved””įor too long, our tax code has rewarded wealth, not work, and contributed to growing income and wealth inequality in America.The White House Show submenu for “The White House””.Office of the United States Trade Representative.Office of Science and Technology Policy.Executive Offices Show submenu for “Executive Offices””.
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