In his second State of the Union address, President Biden spoke at length about the state of the economy, and as part of his economic agenda, he urged lawmakers to pass his billionaire tax proposal—a plan that aims to raise the minimum tax rate levied against America’s ultra-wealthy.
“This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters,” the White House said in a press release earlier this week. According to the statement, billionaires pay an average tax rate of just 8% in a given year.
