Biden to Propose Minimum Tax on Billionaires as Part of 2023 Budget

Reuters2022-03-28

(Reuters) - U.S. President Joe Biden will propose a minimum tax on billionaires as part of the fiscal 2023 budget that is expected to be unveiled on Monday, a document released by the White House showed.

Biden's "Billionaire Minimum Income Tax" would set a 20% minimum tax rate on households worth more than $100 million, in a plan that would mostly target the United States' more than 700 billionaires, according to a White House fact sheet released on Saturday.

The plan would require such households to pay the minimum tax of 20% on all of their income including unrealized investment income that is now untaxed, the fact sheet said.

The tax will help reduce the budget deficit by about $360 billion in the next decade, the fact sheet added.

Senate Democrats last autumn had proposed a billionaires tax to help pay for Biden's social and climate-change known as "Build Back Better" although the spending package did not move forward due to insufficient support in the Senate.

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Comments

  • KJ11
    2022-03-28
    KJ11
    Good policy!
  • Jason_LSE
    2022-03-28
    Jason_LSE
    It's high time the Billionaires contribute more taxes to help narrow the wealth gaps. An important social responsibility. 
  • Mib1515
    2022-03-28
    Mib1515
    Ok
  • StayHome
    2022-03-28
    StayHome
    Will this Minimum tax really affect the Billionaires in the US ? [Doubt] [Thinking] 
  • TaiJin
    2022-03-28
    TaiJin
    [Miser] 
  • Jacjac91
    2022-03-28
    Jacjac91
    Why tho
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