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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Cory Weinberg is a contributor to Sproutwired.com, covering a wide range of topics including news, politics, business, technology, sport, entertainment and lifestyle. He focuses on delivering clear, balanced reporting that helps readers stay informed about current events and emerging developments. Cory’s work highlights relevant stories, practical insights and important issues affecting communities and industries, with an emphasis on accuracy, clarity and information that readers can trust.
