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Biden Hosts a Virtual Event on Energy
NEW YORK (77 WABC) — The White House says President Joe Biden will propose a new 20% tax on households worth more than $100 million dollars.
According to the Wall Street Journal, the idea is part of Biden’s annual budget and would result in the wealthiest Americans paying at least 20% in tax on their income and rising assets every year. A White House fact sheet says the plan would generate roughly $360 billion in revenue over 10 years and would affect fewer than 20,000 households.
The biggest chunk of money in the new Biden plan would come from taxes on unrealized gains built up over many years, which could include much of the wealth of founders of large technology companies such as Amazon.com Inc. and Facebook parent Meta Platforms Inc. Those people could spread their initial payments over nine years; subsequent annual minimum taxes could be spread over five years.
The Billionaire Minimum Income Tax plan, part of the proposed 2023 fiscal budget, needs congressional approval.
