One-hundredth of 1% of Americans would be subject to the tax that President Biden said would raise $360 billion that 'can be used to lower costs for families...
President Joe Biden speaks about his proposed budget for fiscal year 2023 in the State Dining Room of the White House, Monday, March 28, 2022, in Washington. A “Billionaire Minimum Income Tax” is included in President Joe Biden’s fiscal year 2023 budget proposal — part of the administration’s effort to reduce the 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 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 $100 million pay at least 20% 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.
This is an extremely nuanced policy. The tax is targeting the ultra wealthy. It’s taxing gains achieved from their wealth, but it’s real and unrealized income rather than simply the underlying assets.
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