FOR IMMEDIATE RELEASE
March 28, 2022
The President’s Annual Budget Includes Critical Proposals That Would Pave the Way for a Just and Sustainable Economy
This morning, the Biden administration unveiled its annual budget, which includes a tax on households with wealth over $100 million, a 1% tax on stock buybacks, and a proposal for a three-year freeze on corporate executives selling their shares after a buyback.
“For far too long, our tax system and the incentives of corporate executives have not been aligned with the interests of workers, consumers, long-term investors, and the public,” said Mandla Deskins, advocacy manager at Take on Wall Street. “This has meant that workers are often taxed at a much higher rate than wealthy individuals, and while executive compensation has skyrocketed, workers’ wages have stagnated, consumer costs have increased, the long-term financial health of corporations has been put at risk, and our economy as a whole has become more inequitable and unsustainable.”
“We commend the proposals the Biden administration included in its annual budget to address these issues and start paving the way for a just and sustainable economy,” said Natalia Renta, a senior policy analyst at Americans for Financial Reform. “A tax that would require the wealthy to pay their fair share would make our tax system more equitable. A tax on stock buybacks and common-sense guardrails on the timing of when executives can sell their shares—which often make up over 80% of their compensation, would greatly curb executives’ incentive to prioritize short-term share price over the long-term, sustainable value creation that benefits us all.”