A “Billionaire Minimum Income Tax” is included in US President Joe Biden’s fiscal year 2023 budget proposal — part of the administration’s effort to reduce the United States federal deficit over the next decade and fund new spending. The proposal “eliminates the inefficient sheltering of income for decades or generations,” the White House says.
Whether Congress will approve the tax is a major question as the administration outlines its hope to tax the nation’s highest earners.
The budget proposes that households worth more than $100m pay at least 20 percent in taxes on both income and “unrealized gains”— the increase in an unsold investment’s value. For many wealthy individuals, the administration says, that “true income” never gets taxed since it can be held onto for decades and sometimes generations.
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