2023 budget: Biden plans minimum tax on billionaires

According to a document given by the White House, US President Joe Biden will propose a minimum tax on billionaires as part of the fiscal 2023 budget, which is anticipated to be unveiled on Monday.

According to a White House information sheet distributed on Saturday, Biden’s “Billionaire Minimum Income Tax” would impose a 20% minimum tax rate on households worth more than $100 million, primarily targeting the United States‘ more than 700 billionaires.

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

According to the fact sheet, the tax will assist lower the budget deficit by $360 billion over the next decade.

Last autumn, Senate Democrats proposed a billionaires tax to help pay for Biden‘s “Build Back Better” social and climate-change plan, but the spending package died in the Senate owing to a lack of support.

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