Stock Groups

Biden to propose minimum tax on billionaires as part of 2023 budget -Breaking

by Mike Robinson

[ad_1]

© Reuters. U.S. President Joe Biden board Air Force One in order to fly to Washington at Warsaw Chopin Airport in Warsaw (Poland), March 26, 2022. REUTERS/Evelyn Hockstein

WASHINGTON, (Reuters) – The U.S. President Joe Biden proposes a minimal tax for billionaires in the Fiscal 2023 budget. This document was released Monday by the White House.

Biden’s Billionaire Minimum Tax on Income would place a 20% tax on all households over $100,000,000. It would target the more than 700 million Americans who own more than $700 billion, according to White House documents released Saturday.

According to the fact sheet, such households would have to pay 20% minimum tax on their entire income. This includes unrealized investments income.

According to the factsheet, this tax is expected to reduce the deficit budget by around $360 billion over the next decade.

Last autumn, Senate Democrats had suggested a tax on billionaires to pay Biden for climate and social change. However, the Senate did not support the bill.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]