The Joe Biden administration will propose taxing more of the richest Americans in its 2023 budget proposal that is expected to be presented on Monday, the government claims. Washington Post Saturday.
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The proposal, titled “Minimum Income Tax for Billionaires,” targets the 700 or so richest Americans by setting a minimum tax rate of 20% on income over $100 million annually.
“The minimum income tax for billionaires will ensure that the wealthiest Americans pay at least 20% in taxes on their income,” says the White House text obtained by the newspaper.
“With such minimal taxes, wealthier Americans will no longer be subject to a lower tax rate than teachers or firefighters,” the White House adds.
This new measure, which must be implemented, and obtaining congressional approval could raise up to $360 billion in new revenue over ten years.
A previous study by the US administration this fall said that 400 billionaire households paid an average of just 8.2% in income taxes between 2010 and 2018, a rate often significantly lower than many American households.
This White House project, while taxing the richest was one of the main concerns of Democrats during the 2020 presidential campaign, could radically change the tax roll for American billionaires.
For example, Elon Musk, the Tesla leader and the world’s richest man, must pay $50 billion in additional taxes and Amazon founder Jeff Bezos about another $35 billion, according to calculations by a Berkeley economist. In California, Gabriel Zucman was quoted by the newspaper.
Lucas Tremblay is a contributor at Vaughantoday.ca, covering a wide range of topics including local news, politics, business, technology, sports, entertainment, and lifestyle. He focuses on delivering clear, accurate reporting and useful information that helps readers stay informed about current events and issues affecting their communities. Lucas is committed to presenting relevant stories in a straightforward and accessible way, providing balanced coverage that keeps readers connected to the latest developments.