Biden reportedly plans to propose a 25 percent minimum income tax on billionaires as part of a budget request to Congress.
. On Thursday, he blamed billionaires for supporting"woke" culture and argued that it's time for them to pay the price.
"Billionaires Hate MAGA ...Billionaires Want to destroy MAGA...Billionaires Hate The Deplorables...Billionaires Support WOKE ....Billionaires Support the NeoLiberal/NeoCon Order. Billionaires SupportBillionaires Support Biden. Why Should Billionaires not pay for what they have created," Bannon, who served during the Trump administration, wrote on Gettr.
Biden plans to propose a 25 percent minimum income tax on billionaires,"the wealthiest 0.01 percent," as part of a budget request to Congress, the White House said Thursday morning. The president's budget plan aims to cut the deficit by nearly $3 trillion over 10 years. The 25 percent is higher from Biden's budget proposal last year, which was a 20 percent tax rate on households that are worth more than $100 million.
Steve Bannon, former White House chief strategist in the Trump administration, speaks during the annual Conservative Political Action Conference at the Gaylord National Resort Hotel And Convention Center on March 3, 2023, in National Harbor, Maryland. Bannon supports President Joe Biden's proposal to tax billionaires.Biden's proposal would impose tax increases on rich investors and corporations. The plan would almost double the capital gains tax rate for investment to 39.
The president's plan appears to have little chance of making it through the Republican-controlled House, which flipped in the 2022 midterm elections.on Thursday that spending cuts are needed, emphasizing"massive spending cuts NOW. But we also need to tax billionaires—the ones most associated with the D.C. cartel."
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