The so-called 'Billionaire's Tax' would specifically target approximately 700 of the nation's wealthiest people.
Economic experts and progressives opposed to the outrageous levels of inequality in the United States celebrated Saturday evening and into Sunday after reporting revealed that President Joe Biden plans to unveil “a 20 percent minimum tax rate on all American households worth more than $100 million” — a so-called “Billionaire’s Tax” that will specifically target approximately 700 of the nation’s wealthiest people.
The White House Office of Management and Budget and Council of Economic Advisers estimated this fall that 400 billionaire families paid an average federal tax rate of just over 8 percent of their income between 2010 and 2018. That rate is lower than the rate paid by millions of Americans. The White House plan would mandate billionaires to pay a tax rate of at least 20 percent on their full income, or the combination of traditional forms of wage income and whatever they may have made in unrealized gains, such as higher stock prices.
Gabriel Zucman, associated professor of economics at U.C. Berkeley and an expert on inequality and taxation, said the Biden plan could have real teeth.late Saturday in response to the reporting on the plan. “With this tax, the top 10 billionaires alone would pay at least $215 billion in the next 10 years.”
Currently, the five richest U.S. billionaires are Elon Musk of Tesla, Amazon founder Jeff Bezos, Microsoft’s Bill Gates, Berkshire Hathaway’s Warren Buffett, and Google co-founder Larry Page., Bezos, Buffett, and Musk collectively paid $1.5 billion in federal income tax in the 5 years 2014-2018.” But under the Biden proposal, he said, “they would pay at least $111 billion over the next 9 years.
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