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Biden wants to tax billionaires at least 20% of his income

Under the Biden administration’s proposal, a minimum tax of 20% would be imposed on all income, including paper income, from wealthy households.

Called the “Billionaire Minimum Income Tax,” the proposed plan applies to U.S. households with a net worth of $100 million or more. Among these, more than half of the income from this plan will come from households with assets of more than one billion USD.

The proposal is part of the 2023 State Budget Plan that is expected to be announced by US President Joe Biden tomorrow (28 March). According to him, the minimum income tax will make tax payments fairer and reduce the deficit by about $360 billion over the next decade.

“This minimum tax rate will ensure that the richest Americans no longer pay lower taxes than teachers and firefighters,” the White House plan said.

In the past, many US billionaires were able to pay much lower tax rates than the average person because the federal government did not levy taxes on the increase in the value of their stock until the property was sold. Billionaires can borrow against their accumulated money without burdening capital gains,…

Wealthy households that pay 20% of their total income will not pay additional taxes under the proposal. However, if the portion of paper income, also known as unrealized income, that was not previously taxed should have helped households pay a tax rate of less than 20%, they now have to pay an additional fee to meet this minimum tax requirement.

An session (according to Fox)

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