Wednesday, 6 July, 2022
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White House to propose new minimum tax on billionaires

WASHINGTON: US President Joe Biden’s administration will include more taxes on the wealthiest Americans in its 2023 budget proposal, due to be released on Monday, US media reported Saturday.

The “Billionaire Minimum Income Tax” would require the 700 or so American households worth more than $100 million to pay at least 20 percent on their full income, the Washington Post and other US media reported, citing a White House document, reports AFP.

“This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters,” said the document, cited by the Post.

A study by the Biden administration this autumn found that 400 billionaire households paid an average of only 8.2 percent in taxes on their income between 2010 and 2018, a rate often well below that of many American households. The tax would also target unrealized gains in the value of liquid assets, such as stocks, which are not taxed until they are sold.