Biden to propose minimum tax on billionaires as part of 2023 budget
US President Joe Biden will propose a minimum tax on billionaires as part of the fiscal 2023 budget that is expected to be introduced on Monday, according to reports.
Biden's "Billionaire Minimum Income Tax" would set a 20 percent minimum tax rate on households worth more than $100 million, in a plan that would mostly target the country’s over 700 billionaires, according to a White House fact sheet released on Saturday, Reuters reported.
The fact sheet said Biden’s budget plan would require them to pay the minimum tax of 20 percent on all of their income including unrealized investment income that is now not taxed.
The tax will help reduce the budget deficit by about $360 billion in the next decade, the fact sheet added.
Democrats in the US Senate had proposed a billionaires tax to help pay for Biden's social and climate-change known as "Build Back Better" although the spending package did not move forward due to lack of support in the Senate.
The plan aims to clamp down on some billionaires who find loopholes to avoid or significantly lower their tax payments.
The congressional sources said the tax would apply to taxpayers with more than $1 billion in assets or over $100 million in income for three consecutive years.
Biden has backtracked on promise to increase taxes on wealthy and corporations, according to reports.
The White House has reportedly told Democratic lawmakers that a proposed hike in US corporate taxes is unlikely to make it into their signature social spending bill.
The White House disclosed in the private meeting with top Democrats have Biden's plans to hike the corporate tax rate to 28 percent from 21 percent, a key campaign promise, are likely to be one of the steep concessions he makes to steer his economic revival package through Congress.
"There is an expansive menu of options for how to finance the president's plan to ensure our economy delivers for hardworking families, and none of them are off the table," said White House spokesperson Andrew Bates.
The "Build Back Better" and infrastructure bills are at the heart of Biden's domestic agenda and could provide signature legislation to bolster both his presidency and Democratic hopes of retaining control of the House and Senate in the November 2022 elections.
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