The BIT Act (Billionaire Income Tax)

[Grumblenuts]

To target individuals with more than $100 million in annual income for three consecutive years, or those with over $1 billion in assets for three consecutive years. International discussions are also underway regarding a coordinated tax on billionaires.

September 19, 2025
Press Release
WASHINGTON, D.C. – SEPTEMBER 19, 2025 — Congresswoman Summer L. Lee (PA-12) joined Congressman Steve Cohen (TN-9), Congressman Don Beyer (VA-8) and Senator Ron Wyden (D-OR) as an original co-sponsor of the bicameral Billionaire Income Tax Act. The measure aims to restore fairness in federal taxation by requiring the ultrawealthy to pay taxes on wealth gains as they occur, rather than allowing billionaires and millionaires to indefinitely defer or avoid taxation.

Direct link. How much is enough? Too little? Too much? Who should decide? Billionaires or the rest of us?

 

[1srelluc]

You want your 401K to be next? ******* with billionaires is how you will get it.

Oh wait, did you think they will just stop with billionaires?

You are just part of a battery farm to those people....."Just the tip baby", comes to mind.

 

[shockedcanadian]

To target individuals with more than $100 million in annual income for three consecutive years, or those with over $1 billion in assets for three consecutive years. International discussions are also underway regarding a coordinated tax on billionaires.


Direct link. How much is enough? Too little? Too much? Who should decide? Billionaires or the rest of us?

If I had a billion dollars in the bank they wouldn't need to tax me because I would be handing out millions to important charities. The homeless, the hungry, military organizations that need to help those with lost limbs or widows, protection of children etc.

If you have a billion in the bank and aren't helping those in need, I cannot see an afterlife in which G-d says "come on in".

 

[CrusaderFrank]

You want your 401K to be next? ******* with billionaires is how you will get it.

Oh wait, did you think they will just stop with billionaires?

You are just part of a battery farm to those people....."Just the tip baby", comes to mind.

^ this

 

[elektra]

To target individuals with more than $100 million in annual income for three consecutive years, or those with over $1 billion in assets for three consecutive years. International discussions are also underway regarding a coordinated tax on billionaires.


Direct link. How much is enough? Too little? Too much? Who should decide? Billionaires or the rest of us?

Sure, people who are lazy or broke or make bad decisions should always dictate to the successful.

democrats are Marxists, Socialists, like China or Russia.

 

[Grumblenuts]

The Rick Smith Show 9-17-2025
On this episode of the Rick Smith Show, Rick calls for refocusing the conversation on a working-class message as mainstream media fixates on division, especially in the aftermath of Charlie Kirk’s murder. Will Rice, Policy Consultant with Americans for Tax Fairness, joins to break down the coming introduction of the Billionaire Income Tax Act and what it means for economic fairness. Later, Sara Steffens, Worker Power Director at the Progressive Caucus Action Fund, discusses strategies for building worker power, strengthening organizing, and ensuring working people, not billionaires or corporations, drive the nation’s economic and political future in this turbulent and divided moment.

Podcast – The Rick Smith Show

www.thericksmithshow.com

 

[Grumblenuts]

You want your 401K to be next? ******* with billionaires is how you will get it.

Oh wait, did you think they will just stop with billionaires?

You are just part of a battery farm to those people....."Just the tip baby", comes to mind.

So you're afraid of "billionaires," some vague "they," and equally nonspecific "those people."

I have no 401K, son. My wife and I saw this shit coming forty years ago and prepared. We're now long retired and plenty comfy. No loans to pay off. My Teamsters pension and SS actually supply enough. We could manage fine, but our savings income allows for extras.

But do enjoy your messy, fear driven world while we grownups clean up after you idiots. I'm here to support real working class Americans. Don't like it? As always, GFY.

 

[progressive hunter]

So you're afraid of "billionaires," some vague "they," and equally nonspecific "those people."

I have no 401K, son. My wife and I saw this shit coming forty years ago and prepared. We're now long retired and plenty comfy. No loans to pay off. My Teamsters pension and SS actually supply enough. We could manage fine, but our savings income allows for extras.

But do enjoy your messy, fear driven world while we grownups clean up after you idiots. I'm here to support real working class Americans. Don't like it? As always, GFY.

that pension and SS can disappear overnight,

the work of the rich is what keeps it alive,,

 

[Jarlaxle]

So you're afraid of "billionaires," some vague "they," and equally nonspecific "those people."

I have no 401K, son. My wife and I saw this shit coming forty years ago and prepared. We're now long retired and plenty comfy. No loans to pay off. My Teamsters pension and SS actually supply enough. We could manage fine, but our savings income allows for extras.

But do enjoy your messy, fear driven world while we grownups clean up after you idiots. I'm here to support real working class Americans. Don't like it? As always, GFY.

Your reading comprehension is on the level of a goldfish.

 

[kyzr]

You can see from this chart that the bottom half of incomes are getting crushed...literally.
I support a 40% top tax rate and a billionaire tax, BIT.

Trends in the Distribution of Family Wealth, 1989 to 2022

CBO examines changes in family wealth from 1989 to 2022 using a measure of wealth that includes projected Social Security benefits. Over that period, family wealth was unevenly distributed, and wealth inequality increased.

www.cbo.gov

 

[pknopp]

Political theater. They wouldn't be doing this if they were in power. They only do things like this when out of power.

 

[Grumblenuts]

Political theater. They wouldn't be doing this if they were in power. They only do things like this when out of power.

"They," "they," and "They"? Please clarify. Apparently my reading comprehension is on the level of a goldfish lately.

 

[pknopp]

"They," "they," and "They"? Please clarify. Apparently my reading comprehension is on the level of a goldfish lately.

They= those doing this.

 

[Grumblenuts]

You can see from this chart that the bottom half of incomes are getting crushed...literally.
I support a 40% top tax rate and a billionaire tax, BIT.

Trends in the Distribution of Family Wealth, 1989 to 2022

CBO examines changes in family wealth from 1989 to 2022 using a measure of wealth that includes projected Social Security benefits. Over that period, family wealth was unevenly distributed, and wealth inequality increased.

www.cbo.gov

View attachment 1164191

Thanks. So total wealth crushes incomes over time? Somehow billionaires manage without income? Their wealth seems to just grow on autopilot? Is that frightening? Does it piss you off? Will the vast majority ever get angry enough to fight back against the tiny minority crushing them?

 

[kyzr]

Thanks. So total wealth crushes incomes over time?

Tax laws favor the high incomes, lower incomes get crushed by inflation.

Somehow billionaires manage without income?

Liar.

Their wealth seems to just grow on autopilot?

Trust fund babies, except for guys like Elon Musk and a few other geniuses.

Is that frightening?

No.

Does it piss you off?

No.

Will the vast majority ever get angry enough to fight back against the tiny minority crushing them?

We'll see how it plays out, especially after AI kicks in and jobs are scarce.
There may be a need for "basic universal income".

An Unexpected Outcome Of The Covid-19 Pandemic: A Slew Of Universal Income Programs

The Covid-19 pandemic came into American lives like a wrecking ball, disrupting everything from income and employment to child care and education. But then, help arrived. Through multiple congressional acts, Americans received direct, no-strings-attached stimulus payments. Even the Child Tax Cred

www.forbes.com

 

[Grumblenuts]

Tax laws favor the high incomes, lower incomes get crushed by inflation.

Sorry, your charts show family wealth over time and not a thing regarding high or low incomes. I'm a "liar" now for politely asking you a question? Billionaires do not, in fact, require "jobs" or "incomes" like the vast majority of us working slobs. You should be angry.

 

[kyzr]

Sorry, your charts show family wealth over time and not a thing regarding high or low incomes.

Incomes aren't the issue. Concentration of wealth is the issue.

I'm a "liar" now for politely asking you a question?

You're a liar for saying: "Somehow billionaires manage without income?" Billionaires obviously have income, it may not be "earned" income, but they obviously have income.

Billionaires do not, in fact, require "jobs" or "incomes" like the vast majority of us working slobs. You should be angry.

Under Biden US families lost $11,400 in buying power

Americans need an extra $11,400 today just to afford the basics, Republican analysis finds

Compared with 2021, the typical household must spend an additional $11,434 annually just to maintain their standard of living, analysis shows.

www.cbsnews.com

Americans need an extra $11,400 today just to afford the basics​

Social Security will cut benefits in 2033 by 25% unless it is "fixed"
Medicare will also go bankrupt in 2033 unless it is "fixed".

Medicare go-broke date pushed up three years in latest trustees report

The clock is ticking to stabilize Medicare, as a key trust fund underpinning the insurance program’s hospital benefit is now set to be depleted in 2033 instead of 2036.

www.healthcaredive.com

So our "social safety net" is hanging by a thread.

Agreed Billionaires do not need "jobs", but by definition they have income.

Trump was okay raising the top tax rate to 40% from 37%
I'm not sure what the BIT would be, but we do need stop the "reverse Robin Hood" tax system.
Every government subsidy with borrowed money raises stock prices and the rich get richer.

 

[Grumblenuts]

You're a liar for saying: "Somehow billionaires manage without income?"

I simply asked you that question. Wtf?

Incomes aren't the issue. Concentration of wealth is the issue.

The issue is a Billionaire "Income" Tax proposal and , agreed, billionaires obviously have concentration of wealth issues, like gluttony. Gotta go suddenly. Back later..

 

[Crepitus]

that pension and SS can disappear overnight,

the work of the rich is what keeps it alive,,

Um, no. There's a pretty low SS cap for billionaires.

 

[Crepitus]

Political theater. They wouldn't be doing this if they were in power. They only do things like this when out of power.

It's our job to hold them to it when the pendulum swings back.