Biden To Unveil New Minimum Tax Targeting Certain Americans: Report

Democrat President Joe Biden will reportedly unveil on Monday a new tax as part of his budget for 2023 that takes aim at America’s wealthiest individuals.

“The ‘Billionaire Minimum Income Tax’ plan under President Biden would establish a 20 percent minimum tax rate on all American households worth more than $100 million,” The Washington Post reported. “The White House plan would mandate billionaires to pay a tax rate of at least 20 percent on their full income, or the combination of traditional forms of wage income and whatever they may have made in unrealized gains, such as higher stock prices.”

The report said that billionaires would have to pay the difference between what they are paying now and the 20% rate, assuming they are paying under 20%. If they are paying more than 20%, then they would not owe anything additional under the new proposal.

“The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income,” a White House document says. “This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.”

The report said that the new proposal claims that it would raise more than $350 billion over the next 10 years if it is passed.

The Daily Wire is one of America’s fastest growing conservative media companies for breaking news, investigative reporting, sports, podcasts, in-depth analysis, books, and entertainment for a reason: because we believe in what we do. We believe in our country, in the value of truth and the freedom to speak it, and in the right to challenge tyranny wherever we see it. Believe the same? Become a member now and join our mission.