Fox Business reports that President Joe Biden is planning on targeting billionaires with a new minimum tax.
The tax is going to be referred to as the “Billionaire Minimum Income Tax.” It will be introduced by the president in his upcoming Fiscal Year 2023 budget, which is expected to be released on Monday.
Fox Business managed to get a sneak peek at Biden’s Billionaire Minimum Income Tax, and the contents are shocking.
The outlet quotes the document as stating that the “Billionaire Minimum Income Tax” looks to “ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income, including unrealized appreciation.”
As part of the plan, a 20% minimum tax rate would be placed on U.S. households worth more than $100 million, with more than half the revenue coming from households worth more than $1 billion.
The outlet adds:
Wealthy households who already pay 20% on their full income will not pay an additional tax under the proposal. However, the document noted that if a “tax-free unrealized income allows a wealthy household to pay less than 20 percent on their full income, they will owe a top-up payment to meet the 20 percent minimum.”
The Biden administration has claimed that wealthy individuals are not paying their fair share in taxes. In the document quoted by Fox, in fact, the Biden administration states that the Billionaire Minimum Income Tax “would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.”
So, part of the purpose of the Billionaire Minimum Income Tax is to address this alleged problem. At the same time, Biden and the left have been looking to find ways to bring in more money, something made necessary by their unrestrained spending. Biden is hoping that the Billionaire Minimum Income Tax will do just this.
Fox reports that the Biden administration believes that the tax will “make America’s tax code fairer and reduce the deficit by about $360 billion in just the next decade.”
What of it?
This is one of those things that we’ll have to see to believe.
Breitbart News, citing an article from Bloomberg News, reports:
Despite the remarks, the wealthiest of American billionaires — those in the top percentile of the top one percent — have continued to accrue vast amounts of wealth under Biden. In his first 100 days as president the 100 richest Americans added nearly $200 billion to their fortunes, Bloomberg News reported.
Critics contend that taxing billionaires into the ground for being successful in America is counter to the ideals of the American Dream.