The “Billionaire Minimum Income Tax” included in President Joe Biden’s proposed budget is part of the administration’s effort to reduce the federal deficit
This is an extremely nuanced policy. The tax is targeting the ultra wealthy. It's taxing gains achieved from their wealth, but it's real and unrealized income rather than simply the underlying assets.
“A firefighter and a teacher pay more than double” the tax rate that a billionaire pays, Biden said during Monday's press conference. A 2017 Gallup poll states that slightly more than six in 10 Americans say that upper-income people pay too little in taxes.Donald Williamson, an accounting and taxation professor at American University in Washington, said “a couple of years ago, I would've laughed out loud. Today it’s conceivable."
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EXPLAINER: How would billionaire income tax work?WASHINGTON (AP) — A “Billionaire Minimum Income Tax” is included in President Joe Biden’s fiscal year 2023 budget proposal — part of the administration’s effort to reduce the federal deficit over the next decade and fund new spending.
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Mississippi lawmakers pass largest-ever state income tax cutMississippi, one of the poorest states in the nation with perpetually underfunded schools and struggling rural hospitals, had its largest-ever tax cut passed by lawmakers Sunday. The Republican-controlled state House and Senate voted by wide margins to pass a bill that would reduce the state income tax over four years, beginning in 2023. “This affects every Mississippian that gets up and goes to work,' Senate Finance Committee Chairman Josh Harkins, a Republican from Flowood, said Sunday.
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Biden to Propose New “Billionaire Minimum Income Tax” of 20 PercentElon Musk would have to pay an additional $50 billion in taxes while Jeff Bezos would be on the hook for an additional $35 billion, according to preliminary calculations.
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Mississippi lawmakers reach deal to cut, but not eliminate income taxHouse and Senate leaders reached agreement Saturday afternoon on a proposal that falls short of eliminating the income tax as Speaker Philip Gunn and Gov. Tate Reeves have demanded, but still provides the largest tax cut in state history.
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Mississippi’s three Republican parties and how they influenced the income tax debateThe three most powerful elected seats in Mississippi — governor, lieutenant governor and speaker — are held by members of the Republican Party. Here’s why Republicans can’t agree on and pass full-throated reforms and other major policies.
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New budget proposal pushes for minimum income tax on billionairesThe White House will unveil a new budget proposal Monday, which will include a new minimum income tax for billionaires.
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