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Biden to propose minimum tax on billionaires as part of 2023 budget

Published 03/26/2022, 05:27 PM
Updated 03/26/2022, 05:30 PM
© Reuters. U.S. President Joe Biden boards Air Force One to fly to Washington, at Warsaw Chopin Airport, in Warsaw, Poland March 26, 2022. REUTERS/Evelyn Hockstein

WASHINGTON (Reuters) - U.S. President Joe Biden will propose a minimum tax on billionaires as part of the fiscal 2023 budget that is expected to be unveiled on Monday, a document released by the White House showed.

Biden's "Billionaire Minimum Income Tax" would set a 20% minimum tax rate on households worth more than $100 million, in a plan that would mostly target the United States' more than 700 billionaires, according to a White House fact sheet released on Saturday.

The plan would require such households to pay the minimum tax of 20% on all of their income including unrealized investment income that is now untaxed, the fact sheet said.

© Reuters. U.S. President Joe Biden boards Air Force One to fly to Washington, at Warsaw Chopin Airport, in Warsaw, Poland March 26, 2022. REUTERS/Evelyn Hockstein

The tax will help reduce the budget deficit by about $360 billion in the next decade, the fact sheet added.

Senate Democrats last autumn had proposed a billionaires tax to help pay for Biden's social and climate-change known as "Build Back Better" although the spending package did not move forward due to insufficient support in the Senate.

Latest comments

A tax on unrealized gains…coming to you and your neigbor soon. If you own a house, 401k, IRA, stocks or bonds in any quantity they will benat your door sooner rather than later.
Most wealthy Americans did not stumble into their wealth, they earned it. People who want to see it taken from them are thieves.
lol
and thugs…
Yet another authoratitarian shakedown. Aren’t the rich citizens, too?
sounds good
Tax on unrealized income too? This makes no sense. Taxing the rich is a great idea but it must not be unfair. Tax must be paid by anyone who has a realized income during a particular year. unrealized income means it is fluctuating and is not really an income...
Has to be done because the ultra wealthy never realize thier stock gains. They borrow against the value of thier portfolio to fund thier expenses. When they die they pass the stock along in trust where the unrealized gain value is reset for the next generation.
only 20%??
Why not? Its coming out of your pocket…
Absolute chaos....hope all those virtue signaling UHNWIs are happy now. This is a disaster and a disgraceful power play......nothing more.
Wealth in the hands of the politicians versus wealth already invested in the economy, where it will have to be pulled from to give to the politicians and bureaucrats.  Stop growing the wealth gap with rampant money printing, which this will just encourage more of.
about darn time!
the inflation is so big that everyone will be soon a billionaire
funny and sad at the same time. let's see if the fed and co. can prevent the worst at least
How about people like Gates that have a net worth of zero because everything they own is in a Trust?
Good for them. If staying in the USA means being forced to give up my earnings and property then goodbye USA!
what about unrealized investment losses? get a tax refund?
Finally, someone asking the correct questions instead of just gulping the feel good Kool Aid.
what am i missing here? would they not pay tax when they sell anyway? this seems strange
they don't sell they borrow against thier portfolio because the interest rate is less than the tax rate and the rate of growth. That is how they effectively dodge taxes.
Only weak minions and tinfoil hat lunatics vote republican
Prepare for an exodus of billionaires, and even more economic trouble.
besides we hy can't i pay taxes.... trust me in i am know i cannot take the money with me when I am dead ...so why not do it some good ...
That is why you punish them by locking them out of the US capital markets if they attempt to flee with thier wealth.
…it is still theft.
Great, they have dodged taxes and leached off society long enough. Time to pay up
how so? explain yourself, if you can
The only leaches in society are those who peddle the equality narrative from positions of political power. Those who do so without political power were defanged by the 1st Amendment.
The more you tax the less you get
With this rate of inflation 50 percent of household will be woth $100 million in a decade. Also, one billion is actually $1000 million, but if the government and the press were actually educated, tgey probably would have worked somewhere else.
your econ needs a little work, that means 50% of households are currently worth $40 mil.
 That was a figure of speech, but if I meant with this rate of acceleration of the inflation that actually works.  But seriously, you know that AMT tax was designed for the billionaires and it is projected to hit 40 percent of taxpayers soon.
DEMS will be gone in November. They couldn't have done more damage if the tried. Even blue-haired teens will vote Republican
include single term limits and I'm in.
Term limits are part of what creates the power brokers in DC. Who, BTW, are unelected.
Once Democrats lose Congress in November , who has the resolution?
Absolute chaos....hope all those virtue signaling UHNWIs are happy now. This is a disaster and a disgraceful power play......nothing more.
Just shoot this Biden, why wait until 2024
FBI OPEN UP!!!!!!
Taxing unrealized gains? So, folks will get money back when the market falls? This pants pooper needs to expire for good of all..
Just shoot this Biden, why wait until 2024
Should be minimum of 20% on $1 million and if you voted republican 75% on over $100 thousand.
what's it like to be so stupid?
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