Democrat President Joe Biden will reportedly unveil on Monday a new tax as part of his budget for 2023 that takes aim at America’s wealthiest individuals.
“The ‘Billionaire Minimum Income Tax’ plan under President Biden would establish a 20 percent minimum tax rate on all American households worth more than $100 million,” The Washington Post reported. “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.”
The report said that billionaires would have to pay the difference between what they are paying now and the 20% rate, assuming they are paying under 20%. If they are paying more than 20%, then they would not owe anything additional under the new proposal.