The Biden administration will propose to tax the richest Americans more, in the draft budget for 2023 that will be presented on Monday, according to the Washington Post.
The “Minimum Billionaires Income Tax” proposal is for the roughly 700 richest Americans, with a minimum tax rate of 20 percent for more than $ 100 million a year.
“The minimum income tax for billionaires will ensure that the richest Americans pay at least 20% in taxes on all their income,” the White House said in a statement. “With this minimum tax, richer Americans will no longer be subject to a tax rate lower than that of teachers or firefighters,” he said.
The new measure, which requires congressional approval to pass, is estimated to generate up to $ 360 billion in additional revenue over a decade.
According to a study by the US government last fall, 400 billionaires paid an average of just 8.2% of their tax revenues between 2010 and 2018, a much lower rate than most households in the US.
Taxing the richest was a major issue for Democrats in the run-up to the election. With this plan, the Biden government aspires to radically change the tax base for American billionaires.
For example, Tesla CEO and SpaceX founder Elon Musk, the richest man in the world, will be asked to pay $ 50 billion more in taxes, while Amazon founder Jeff Bezos will be asked to pay about $ 35 billion more, according to economist Gobb. Zuckman from Berkeley University in California.
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