Biden to propose new minimum tax on wealthiest Americans in 2023 budget.
The “Billionaire Minimum Income Tax” plan, expected to be released Monday, would impose a 20 percent minimum tax rate on U.S. households worth more than $100 million. Over half the revenue raised by the tax would come from those worth at least“America’s imbalanced tax code means that many millionaires and billionaires end up paying lower tax rates than middle class workers," the document said, the proposal, which would have to be approved by Congress, will put the U.S.
The president's new budget, the document said, would also propose"additional smart, targeted investments designed to spur durable economic growth, create jobs, reduce cost pressures, and foster shared prosperity — while more than fully offsetting their cost."
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