BREAKING: Republicans Block Rep. Gomez Amendment to Tax Billionaires After Voting Down Limits on Millionaire Tax Breaks
Washington,
May 14, 2025
Gomez: “Raise your hand if you think billionaires shouldn’t get another tax break… I think we’re missing a few hands from the other side.” You can watch Rep. Gomez’s remarks here. WASHINGTON, DC — In a House Ways and Means Committee markup today, Representative Jimmy Gomez (CA-34) introduced an amendment to create a new 39.5% tax bracket on annual income over $1 billion. The proposal came after House Republicans blocked a series of Democratic amendments aimed at limiting tax breaks for those earning $400,000, $10 million, and $100 million. Rep. Gomez’s amendment was also rejected. “We just witnessed that the Republicans in this committee voted down amendments to stop tax breaks for those making $10 million. And we said, how about 100 million? We voted on […] $1 billion, and you still voted that down. So I don't know what's the limit for you guys?” said Rep. Gomez. Gomez directly challenged Republican members who, behind closed doors and in press interviews, claimed they were open to taxing the rich: “Raise your hand if you think billionaires shouldn’t get another tax break… I think we’re missing a few hands from the other side.” The amendment would have created a new tax bracket for ultra-high-income individuals: a 39.5% tax on income over $1 billion. Rep. Gomez concluded by saying, “There is no reason why the billionaire establishment pays a lower effective tax rate than a teacher or a firefighter or a nurse. ...You want to make sure you're not the Grand Oligarchy Party, well here’s your chance. I’m asking you to vote aye on an amendment that increases taxes on [billionaires]." Recent reporting from ProPublica revealed that the 25 richest Americans paid an average effective federal income tax rate of just 3.4% between 2014 and 2018—far lower than many working-class families. Though some Republican lawmakers have anonymously floated support for taxing billionaires, none voted for Gomez’s amendment when given the opportunity. For more updates from Congressman Gomez, follow @RepJimmyGomez on Instagram, Facebook, Threads, and X. |
