Biden Administration Will Propose Minimum Tax on Wealthiest Households

Biden Administration Will Propose Minimum Tax on Wealthiest Households

Biden Administration , Will Propose Minimum Tax , on Wealthiest Households.

NBC reports that the Biden administration will propose a new minimum tax on the wealthiest households in the United States in its fiscal 2023 budget.

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The Billionaire Minimum Income Tax plan is reportedly expected to be released on March 28.

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The proposed plan would impose a 20% minimum tax on U.S. households worth over $100 million.

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America’s imbalanced tax code means that many millionaires and billionaires end up paying lower tax rates than middle class workers, White House fact sheet, via NBC.

The proposal is reportedly meant to put the U.S. government on more solid financial footing, , "building on the progress the Administration has made to reduce the deficit.".

According to the White House, the proposed plan could reduce the deficit by nearly $360 billion over the next ten years.

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NBC reports that the new tax on the wealthy would combine with other measures to reduce projected deficits by over $1 trillion.

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The new budget also reportedly proposes, "additional smart, targeted investments designed to spur durable economic growth, create jobs, reduce cost pressures, and foster shared prosperity — while more than fully offsetting their cost.".

In 2021, Senate Finance Committee Chair Ron Wyden, D-Ore., unveiled the so-called Billionaires Income Tax.

In 2021, Senate Finance Committee Chair Ron Wyden, D-Ore., unveiled the so-called Billionaires Income Tax.

However, the proposal to impose tougher taxes on the 700 wealthiest Americans failed to make progress.

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At the time, Senator Joe Manchin denounced Wyden's proposal as divisive.