The Billionaires Income Tax Act aims to ensure that billionaires pay taxes on their income annually, similar to regular workers, by closing tax loopholes that allow wealthy individuals to defer taxes indefinitely. The legislation targets strategies like "buy, borrow, die," which enable billionaires to avoid tax liabilities by borrowing against their assets instead of selling them. By mandating that high-income individuals recognize income from their assets each year, the Act seeks to create a fairer tax system.