Biden’s “billion dollar minimum income tax” would set a minimum tax rate of 20%
WASHINGTON (Reuters) – US President Joe Biden will propose a minimum tax on billionaires as part of the 2023 fiscal budget to be released on Monday, a White House document showed.
According to the House newsletter, Biden’s “billionaire minimum income tax” would set a minimum tax rate of 20% for households worth more than $100 million, in a plan that would primarily target more than 700 American billionaires. White released Saturday.
The newsletter said the plan would require these households to pay a 20% minimum tax on all their income, including unrealized investment income, which is no longer taxed.
The newspaper said the tax would help reduce the budget deficit by about $360 billion over the next decade.
Last fall, Senate Democrats proposed a $1 billion tax, known as “Rebuild Better,” to help pay for Biden’s social and climate change spending, due to insufficient support in the Senate. The package failed to proceed.
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