Biden Administration , Will Propose Minimum Tax , on Wealthiest Households.
NBC reports that the Biden administration will propose
a new minimum tax on the wealthiest households
in the United States in its fiscal 2023 budget. .
The Billionaire Minimum Income Tax plan
is reportedly expected to be released on March 28. .
The proposed plan would impose a 20% minimum
tax on U.S. households worth over $100 million. .
America’s imbalanced tax code means
that many millionaires and billionaires
end up paying lower tax rates
than middle class workers, White House fact sheet, via NBC.
The proposal is reportedly meant to put the U.S. government on more solid financial footing, , "building on the progress the Administration
has made to reduce the deficit.".
According to the White House, the proposed
plan could reduce the deficit by nearly
$360 billion over the next ten years. .
NBC reports that the new tax on the wealthy
would combine with other measures to
reduce projected deficits by over $1 trillion. .
The new budget also reportedly proposes, "additional smart, targeted investments designed
to spur durable economic growth, create jobs, reduce
cost pressures, and foster shared prosperity —
while more than fully offsetting their cost.".
In 2021, Senate Finance Committee Chair
Ron Wyden, D-Ore., unveiled the
so-called Billionaires Income Tax.
In 2021, Senate Finance Committee Chair
Ron Wyden, D-Ore., unveiled the
so-called Billionaires Income Tax.
However, the proposal to impose tougher
taxes on the 700 wealthiest Americans
failed to make progress. .
At the time, Senator Joe Manchin
denounced Wyden's proposal as divisive.