Biden is yet again proposing a minimum tax on billionaires, this time raising it to 25%.
US President Joe Biden is once again proposing higher tax rates on billionaires, wealthy investors, and companies in his budget for the 2024 fiscal year.
In his budget request to Congress scheduled to be released Thursday, Biden is calling for a minimum tax rate of 25% on billionaires, Bloomberg reported, citing an unnamed White House official familiar with the proposal. This will be a five percentage point jump over the minimum 20% tax rate that he called for previously. Axios confirmed the information in a Thursday report.
Biden is also proposing doubling the capital gains tax rate to 39.6% from 20%, per Bloomberg. Other changes Biden is proposing include an increase of the corporate tax rate to 28% from 21% and increasing the top tax rate for Americans earning over $400,000 to 39.6% from 37%, according to Bloomberg.
The US President's proposal came after he renewed his call for minimum billionaire taxes in his State of the Union address on February 7. At the time, he was calling for a minimum 20% tax bracket for the super-wealthy.
https://www.msn.com/en-us/news/politics/biden-is-yet-again-proposing-a-minimum-tax-on-billionaires-this-time-raising-it-to-25-but-the-real-challenge-will-be-to-get-it-past-congress/ar-AA18obj9
= new reply since forum marked as read
Question on the billionaire tax...is that tax on income? Or is it a tax on their wealth? I'd 
if the federal government took away 25% of Bezo's wealth, but I don't imagine that's what we're talking about.
