White House to propose new minimum Tax on Billionaires.
Written by News Room on March 28, 2022
US President Joe Biden’s administration will include more taxes on the wealthiest Americans in its 2023 budget proposal, due to be released on Monday.
The “Billionaire Minimum Income Tax” would require the 700 or so American households worth more than $100 million to pay at least 20 percent on their full income, local media cited a White House document.
A study by the Biden administration this autumn found that 400 billionaire households paid an average of only 8.2 percent in taxes on their income between 2010 and 2018, a rate often well below that of many American households.
The new measure, which requires congressional approval to be enacted, could raise up to 360 billion dollars in new revenue over ten years, the document cited by the Post said.
A longstanding goal of the political left, the plan could dramatically change the tax paid by US billionaires.
Seun Fakorede
