Biden targets America’s wealthiest with proposed minimum tax on billionaires

Biden targets America’s wealthiest with proposed minimum tax on billionaires

The Guardian says Joe Biden proposed a new tax on America’s richest households when he unveiled his latest budget on Monday.

The Biden administration wants to impose a 20% minimum tax on households worth more than $100m. The proposal would raise more than $360bn over the next decade and “would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters”, according to a factsheet released by the White House.

The plan – called the “billionaire minimum income tax” – is the administration’s most aggressive move to date to tax the very wealthiest Americans.

https://www.theguardian.com/us-news/2022/mar/28/biden-announces-billionaire-minimum-income-tax

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