Biden to announce tax on billionaires in 2023 budget plan – report | Joe Biden

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Joe Biden is expected to announce a tax on US billionaires on Monday as part of his 2023 budget plans, which will likely delight many progressives in his party but could meet opposition from conservative Democrats who have already blocked his national agenda.

the Washington Postciting five sources and an internal administration document, said the ‘billionaire minimum income tax’ plan would establish a minimum tax rate of 20% on all US households worth more than 100 millions of dollars.

This would mean that the majority of new income would come from billionaires, who are a frequent target of public and political anger for tax avoidance schemes. The newspaper said it would be “a tax on the 700 richest Americans for the first time.”

The post said that the White House Office of Management and Budget and the Council of Economic Advisers estimated that some 400 American billionaire families paid on average federal tax rate around 8% of their income between 2010 and 2018 – far less than millions of Americans who are much less wealthy.

the newspaper quoted the administration document as saying, “The Billionaire Minimum Income Tax will ensure that the wealthiest Americans pay a tax rate of at least 20% on all of their income… This minimum tax would ensure that the wealthiest Americans no longer pay a lower tax rate than teachers and firefighters.

Biden surprised many progressives in his party by pursuing an ambitious national agenda to the left of his campaign for the party’s presidential nomination. However, opposition from leading centrists, including West Virginia Sen. Joe Manchin and Arizona Sen. Kyrsten Sinema, largely ended these plans as they failed to garner enough support in the narrowly senate. Split.

Although Biden is looking for ways to motivate his party’s activists and appeal to voters, ahead of the widely expected losses in November’s midterm elections, there is no indication that the party’s centrists will now back a more progressive agenda. .

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