President Joe Biden is expected to propose a new minimum tax primarily aimed at billionaires when he unveils his 2023 budget, according to a document obtained by CNBC.
Dubbed the “Billionaire's Minimum Income Tax,” it would tax U.S. households worth more than $100 million at a rate of at least 20 percent. More than half of the revenue may come from businesses worth more than $1 billion.
“This minimum tax will ensure that the wealthiest Americans no longer pay less than teachers and firefighters,” the document said.
We all know that more than 80% of the wealth in this country is concentrated in the hands of 20% of the people. In the stock market, a large number of billionaires have gathered.
So, will the Biden administration be boycotted by the wealthy, ultimately causing the Biden administration’s policies to fail in Congress? Maybe he just proposed such a policy to please the people and ease domestic conflicts? And actually he knew that such a policy would never be approved by Congress?
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