[Congressional Record Volume 171, Number 151 (Tuesday, September 16, 2025)]
[Extensions of Remarks]
[Pages E863-E864]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 INTRODUCTION OF THE BILLIONAIRE INCOME TAX ACT AND NOTING THE POPE'S 
                      CONCERN ON INCOME INEQUALITY

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                            HON. STEVE COHEN

                              of tennessee

                    in the house of representatives

                      Tuesday, September 16, 2025

  Mr. COHEN. Mr. Speaker, I plan to introduce the Billionaire Income 
Tax Act on Wednesday and will hold a press conference with the House 
cosponsor Congressman Don Beyer and the Senate bill sponsor Ron Wyden.
  It is an effort to establish a level of fairness in federal income 
taxation and prevent millionaires and billionaires, and the aspiring 
trillionaire, Elon Musk, from taking advantage of the tax code to pay 
what, for them is pocket change. I have not asked him, but it looks 
like Pope Leo would endorse the Billionaire Income Tax Act. He recently 
did an interview with a biographer and excerpts were released on 
Sunday. Speaking of societal polarization, he said it is in part caused 
by income inequality. One factor, he said, and I'm quoting him, is 
``the continuously wider gap between the income levels of the working 
class and the money that the wealthiest receive. For example, CEOs that 
60 years ago might have been making four to six times more than what 
the workers are receiving, the last figure I saw, it's 600 times more 
than what average workers are receiving. Yesterday the said news that 
Elon Musk is going to be the first trillionaire in the world. What does 
that mean and what's that about? If that is the only thing that has 
value anymore, then we're in big trouble.'' I agree with Pope Leo and 
hope our bill will have a significant effect on what everyone seems to 
acknowledge is a huge and growing problem.

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