BREAKING: Republicans Block Rep. Gomez Amendment to Tax Billionaires After Voting Down Limits on Millionaire Tax Breaks

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 . ###