U.S. President Joe Biden will propose a minimum tax on billionaires as part of the fiscal 2023 budget that is expected to be unveiled on Monday, a document released by the White House showed.
Biden's "Billionaire Minimum Income Tax" would set a 20% minimum tax rate on households worth more than $100 million, in a plan that would mostly target the United States' more than 700 billionaires, according to a White House fact sheet released on Saturday.
The plan would require such households to pay the minimum tax of 20% on all of their income including unrealized investment income that is now untaxed, the fact sheet said. The tax will help reduce the budget deficit by about $360 billion in the next decade, the fact sheet added. Senate Democrats last autumn 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 insufficient support in the Senate.Reporting by Chris Gallagher; Editing by Nick Zieminski and Aurora EllisSubscribe to our sustainability newsletter to make sense of the latest ESG trends affecting companies and governments.
Australia Latest News, Australia 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 »
Someone Is Trying To Sell Their 2023 Acura Integra NFT For 12 Ethereum Or $37,000 | CarscoopsSomeone Is Trying To Sell Their 2023 Acura Integra NFT For 12 Ethereum Or $37,000 | Carscoops carscoops
Read more »
2023 BMW M3 Touring Caught Completely Uncovered With A 2000s Phone Camera | CarscoopsHere's our best look yet at the most hotly anticipated M3 in years
Read more »
Fairbanks School Board approves 2022-2023 budget proposal for Borough AssemblyThe Fairbanks School District met on Wednesday, March 23 for a second night of budget talks, culminating in a narrow approval of the board’s 2022-2023 budget proposal to the district.
Read more »
Michael Jackson Broadway Musical to Launch 2023 National TourThe Michael Jackson Broadway Musical is set to launch in 2023 hitting 17 major cities around the U.S! 👏
Read more »