Biden To Announce Tax on Billionaires In 2023 Budget Plan - 'Tax on Richest 700 Americans'
- 'Biden to announce tax on billionaires in 2023 budget plan report,' The Guardian, March 26, 2022. - Presidents tax on richest 700 Americans may face opposition from conservative Democrats. -
Joe Biden is set to announce a tax aimed at US billionaires as part of his 2023 budget plans on Monday in a move that will likely delight many progressives in his party but could meet opposition from conservative Democrats who have already stymied his domestic agenda.
The Washington Post, citing five sources and an internal administration document, said the billionaire minimum income tax plan would establish a 20% minimum tax rate on all American households worth more than $100m. That would mean the majority of new revenue would come from billionaires, who are a frequent target of public and political ire for tax avoidance schemes. The paper said it would be a tax on the richest 700 Americans for the first time.
The Post said that the White House Office of Management and Budget and the council of economic advisers estimated some 400 billionaire US families paid an average federal tax rate of just about 8% of their income between 2010 and 2018 much lower than millions of Americans who are far less wealthy.
The newspaper quoted the administration document as saying: The billionaire minimum income tax will ensure that the very wealthiest Americans pay a tax rate of at least 20% on their full income
This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters....
https://www.theguardian.com/us-news/2022/mar/26/joe-biden-billionaires-tax
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- NYS Comptroller DiNapoli: Wall Streets 2021 Bonuses Set a New Record. $257,500 Average Bonus in NYC Securities Industry, March 23, 2022,
https://www.osc.state.ny.us/press/releases/2022/03/nys-comptroller-dinapoli-wall-streets-2021-bonuses-set-new-record
https://www.commondreams.org/news/2022/03/23/jaw-dropping-wall-street-bonuses-have-soared-1743-1985
SheltieLover
(57,073 posts)appalachiablue
(41,056 posts)SheltieLover
(57,073 posts)drray23
(7,587 posts)I cant imagine any repub voting for that. One more reason to flood the polls this November.
Shipwack
(2,138 posts)It also won't go anywhere even if we do keep the house and Senate. I can already hear the wailing and gnashing of teeth by Sinema's and Mancin's handlers.
Of course,if we expanded our majorities, Mancin and Sinema lose their leverage. The odds of that are...
Eko
(7,170 posts)and I make about the average median income. So, ya, tax them.