Congress is expected to adjourn for the year by December 23rd. Between now and then, we’re building support in Congress for President Biden’s Billionaire Minimum Income Tax, which will ensure that every household worth over $100 million is paying an effective tax rate of at least 20% on their full income each year.

Right now, many millionaires and billionaires derive most of their income from investments, not a paycheck. But they have to sell those investments to get taxed, which many don’t do. Instead, they borrow against those assets at low-interest rates available only to them to enjoy a lavish lifestyle.

The Billionaire Minimum Income Tax Act (HR 8858) would make the ultra-wealthy pay taxes on the growth in their investments every year like the rest of us pay taxes on our wages. It already has 50 cosponsors in the House. It also enjoys broad support from the American public with approximately three-quarters of voters―including a majority of Independents and Republicans―supporting the bill.

During the first two years of the pandemic, America’s 700+ billionaires saw their wealth skyrocket by $2 trillion—or 70%. Yet, many billionaires don’t pay close to their fair share of taxes and typically pay a lower average tax rate than many working families.

According to IRS data, in multiple years billionaires such as Jeff Bezos, Elon Musk, Warren Buffett and Michael Bloomberg paid zero federal income taxes even as the gains they generated from their wealth grew by billions of dollars. Over a recent nine-year period, the 400 richest billionaires paid an average effective federal income tax rate of only 8.2% when the growth in the value of their stock holdings is included in their income. That’s less than the 13.3% average federal income tax rate for all taxpayers.

This legislation could raise at least $360 billion—money that can be used to lower healthcare, childcare, housing and other costs for working families while creating a fairer tax system. Please help us double the number of cosponsors on this legislation before Congress adjourns for the year.