President Joe Biden's "Billionaire Minimum Income Tax" is speculated to set a 20% minimum tax rate on people’s households worth more than $100 million.
The Pros of Billionaire Minimum Income Tax
This proposal is likely to be imposed on more than 700 billionaires in the country and can reduce the budget shortage by around $360 billion, which is quite a big sum for the Administration.
This would also end the imbalance in the tax code that made America’s wealthiest pay less tax than middle-class civilians.
Similar proposals
A proposal similar to the ‘Billionaire Minimum Income Tax’ introduced last Autumn to back Biden’s ‘Build Back Better’ was not supported by the Senate. The 2023 budget is expected to be revealed today, according to a document released by the White House.
