Biden goes after billionaires: President
plans to unveil new 20% 'minimum tax'
on 700 super-rich Americans that would
levy ALL forms of income for families
worth more than $100M
Posted By: Imright, 3/26/2022 9:22:16 PM
President Joe Biden is reportedly planning to propose a new 'minimum tax' targeting billionaires, establishing a 20 percent levy on all American households worth more than $100 million.The White House plans to unveil the 'Billionaire Minimum Income Tax' on Monday as part of Biden's 2023 budget plan, according to the Washington Post. But it would have to pass through Congress to become law, and would likely face stiff opposition from some quarters.The proposal aims to close a purported loophole that benefits the nation's 700-odd billionaires, many of whom have most of their wealth in stock, which is not taxed until it is sold for a profit.
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for How Contentious Supreme Court Hearings
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