White House officials will reportedly zero in on American billionaires with a minimum tax when President Joe Biden announces his 2023 budget.
Details of the plan are contained in documents 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.
According to Fox, “This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters,” the document reads.
In September, Biden spoke about “trillionaires” failing to pay taxes although no American citizen was worth that much money, according to Breitbart News.
“I’m running to change the dynamic of how the economy grows,” Biden commented. “I’m tired of trickle-down. Trillionaires and billionaires are doing very, very well. You all report it.”
The White House
Despite the remarks, the wealthiest of American billionaires — those in the top percentile of the top one percent — have continued to accrue vast amounts of wealth under Biden. In his first 100 days as president the 100 richest Americans added nearly $200 billion to their fortunes, Bloomberg News reported.
Meanwhile, Biden has failed to include measures in past budgets that would more fairly tax those wealthiest income earners. In October 2021, for example, the New York Times noted that efforts to boost taxes among the richest billionaires were thrown out of budget plans by Democrats in favor of taking more money from millionaires whom those billionaires often employ.
During his first State of the Union address, Biden claimed former President Donald Trump’s 2017 tax cut merely aided the top one percent, however, a Breitbart News fact check found that to be false:
The beneficiaries of the 2017 tax reforms were not confined to the top earners. In fact, the overwhelming majority of American taxpayers received a tax cut through the Trump Tax Cuts and Jobs Act.
Eighty-two percent of American middle-class households received a tax cut and Americans altogether received an average tax cut of $1,260. Ninety percent of Americans saw an increase in take-home pay. The tax cuts raised wage growth by 3.3 percent and helped foster historic lows in unemployment.
Biden’s 2023 budget is expected to be announced Monday.