White House to target billionaires with new minimum tax in 2023 budget – By Kyle Morris & Mark Meredith (FOX Business) / March 26, 2022
Biden’s proposal calls for a 20% minimum tax rate on US households worth more than $100 million
The White House will target billionaires with a new minimum tax when President Biden unveils his 2023 budget, according to a document from the administration obtained by Fox News.
Dubbed the “Billionaire Minimum Income Tax,” the Biden administration proposal, as highlighted in the document, aims to “ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income, including unrealized appreciation.”
As part of the plan, a 20% minimum tax rate would be placed on U.S. households worth more than $100 million, with more than half the revenue coming from households worth more than $1 billion.
