How does Biden's latest plan to tax the super-rich work? 'It's more straight forward'

[Yo_Mama_Been_Loggin]

As President Joe Biden tries to sew up a deal on a stripped-down $1.75 trillion spending bill to strengthen the social safety net, he’s proposed a “surtax” on multi-millionaires and billionaires in his newest effort to enlarge tax bills for America’s wealthiest.

Under the plan unveiled Thursday, the highest-end households would face a 5% added tax for income above $10 million, and once income reaches $25 million, they’ll pay an 8% added tax, according to a White House announcement. These surtaxes would generate $230 billion in revenue, according to White House estimates.

“All I’m asking is: Pay your fair share. Pay your fair share. Pay your fair share. And right now, many of them are paying virtually nothing,” Biden said in a Thursday speech.

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In September, the Ways and Means Committee unveiled a tax hike proposal that, among other things, called for a 3% surtax on household making at least $5 million.

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https://www.msn.com/en-us/money/markets/how-does-bidens-latest-plan-to-tax-the-super-rich-work-its-more-straight-forward/ar-AAQ6nEw

[PoliticAverse]

1. Is Kyrsten "no tax increases on the rich" Sinema on board with this? n/t