White House proposes new minimum tax rate for US billionaires

The Washington Post and other media cited a White House document saying that the proposed “Minimum Income Tax for Billionaires”, scheduled to be announced on March 28, would impose a tax of at least 20%. total income for about 700 US households with more than $100 million in assets. “This minimum income tax will ensure that the richest are no longer charged a lower tax rate than teachers and firefighters,” the document states.

A US government study last fall found that 400 billionaire families paid an average of 8.2% income tax between 2010 and 2018, much lower than many US households. . The new tax rate will also include future earnings in the value of liquid assets such as stocks, which are not currently taxed until they are sold.

The new tax measure needs to be approved by the National Assembly to take effect. This measure is expected to help increase US budget revenue by $ 360 billion over the next 10 years. According to calculations by economist Gabriel Zucman of the University of California Berkeley, “tech giant” Elon Musk will have to pay an additional $ 50 billion in taxes, while Amazon founder Jeff Bezos will have to pay about $ 35 billion more.