Biden proposes new taxes for billionaires

President Joe BidenThe US administration will propose raising taxes for the wealthiest Americans in the upcoming 2023 budget proposal, which is expected to be submitted this Monday, March 27, 2022.

The proposal, called ” Billionaires Minimum Income Tax,aims to establish a minimum tax rate of 20% for annual income over $100 million.

“The billionaire minimum tax will ensure that the wealthiest Americans pay at least 20% tax on all of their income,”

“With this minimum tax, the wealthiest Americans will no longer be subject to a lower tax rate than teachers or firefighters,” the US government continued. The new tax bill, which must be approved by Congress before it can be implemented, is expected to raise about $360 billion over ten years.

This would affect not only their reported income, but also their stock holdings and other forms of wealth.

A previous study by the US administration indicated that as of last fall, about 400 billionaire households had paid an average of only 8.2% in taxes on their income between 2010 and 2018, which is much lower than the percentage many American households.

White House officials say they’re targeting the country’s wealthiest people

If the Biden the administration’s proposal had to be approved, millionaire Elon Muskand the richest man in the world, will have to pay $50 billion more in taxes and the founder of Amazon Jeff Bezos about $35 billion more according to calculations by Gabriel Zucman, an economist at the University of California at Berkeley.

This proposal may be familiar to this fellow Democrat Senator Bernie Sanders and Democratic Rep. Alexandria Ocasio-Cortez were proposing during the 2021 presidential campaign, where it was suggested taxing billionaires to create a more balanced distribution of wealth.

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