The wealth of US billionaires has risen $US1.56trn since the beginning of 2020 and President Joe Biden wants to persuade Congress to take steps to squeeze more revenue from them.
President Joe Biden made a fresh effort on Monday to persuade Congress to take steps to overhaul the tax code and squeeze more revenue from the largest companies and the wealthiest households.
The budget’s planned investments are “more than fully paid for through tax code reforms requiring corporations and the wealthiest Americans to pay their fair share, closing loopholes, and improving tax administration,” the Treasury Department said in a statement.One of Biden’s most novel ideas is a proposal for a minimum tax on mega-millionaires and billionaires, including on their unrealised gains.
“There’s no way to fix our broken tax code without getting at the problem of billionaires avoiding taxes for decades, if not indefinitely,” Wyden said in a statement. “While there are differences between the president’s proposal and the Billionaires Income Tax, we’re rowing in the same direction.” Sinema has also rejected any increases to the existing tax rates, including the 21 per cent corporate levy and 37 per cent top bracket for individuals. That puts her out of step with most other members of her party who support raising rates on large businesses and rich taxpayers as a way to fund more social spending.
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