The Billionaires Income Tax Act aims to reform the tax system to ensure that billionaires pay taxes annually on their income, addressing loopholes that allow the ultra-wealthy to defer taxes indefinitely. It specifically targets strategies like "buy, borrow, die," which enable wealthy individuals to borrow against their assets without incurring tax liabilities on the income generated from those assets. A key provision of the act requires billionaires to recognize and pay taxes on their income each year, similar to regular workers.