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.
President Joe Biden speaks about Russian President Vladimir Putin and Russia's invasion of Ukraine after unveiling his proposed budget for fiscal year 2023 in the State Dining Room of the White House, Monday, March 28, 2022, in Washington. — part of the administration’s effort to reduce the federal deficit over the next decade and fund new spending. The proposal “eliminates the inefficient sheltering of income for decades or generations,” the White House says.
Whether Congress will approve is a major question as the administration outlines its hope to tax the nation's highest earners.The budget proposes that households worth more than $100 million pay at least 20% in taxes on both income and “unrealized gains”— the increase in an unsold investment’s value. For many wealthy individuals, the administration says, that “true income” never gets taxed since it can be held onto for decades and sometimes generations.
That's why David Gamage, a tax law professor at Indiana University says “it's not a wealth tax, it's an income tax reform." He says, “This is a minimum income tax that includes the true economic value” of income that can be held for a very long time, he said.
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