President Biden wants to target billionaires with a 20% rate that would hit both the income and unrealized capital gains of the wealthiest Americans.
"President Biden is a capitalist and believes that anyone should be able to become a millionaire or a billionaire," the White House said in a statement. "He also believes that it is wrong for America to have a tax code that results in America’s wealthiest households paying a lower tax rate than working families."
"As a result, this new minimum tax will eliminate the ability for the unrealized income of ultra-high-net-worth households to go untaxed for decades or generations," the White House said in the budget proposal. It remains unclear whether congressional Democrats will approve of Biden's plan to tax billionaires and ultra-millionaires.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
President Joe Biden to propose new 20% minimum billionaire taxPresident Joe Biden is expected to propose a new minimum tax that would largely target billionaires, according to a document obtained by CNBC.
Read more »
Biden wants to tax billionaires 20%, including on stock gainsBiden wants to make sure billionaires pay at least a 20% income tax — including on their massive pandemic-era stock gains
Read more »
Biden to Propose New “Billionaire Minimum Income Tax” of 20 PercentElon Musk would have to pay an additional $50 billion in taxes while Jeff Bezos would be on the hook for an additional $35 billion, according to preliminary calculations.
Read more »
Biden to Propose 20% Minimum Tax on Billionaires in Budget PlanPresident Joe Biden intends to propose a minimum tax of 20% on households worth more than $100 million and cut projected budget deficits by more than $1 trillion over the next decade.
Read more »
Biden to propose new minimum tax on wealthiest Americans in 2023 budgetIf enacted, the “Billionaire Minimum Income Tax” would impose a 20 percent minimum tax rate on households worth more than $100 million.
Read more »
Biden to Propose New Minimum Tax on Wealthiest AmericansThe president will propose a new minimum tax on households worth more than $100 million as part of his annual budget, the White House said Saturday.
Read more »