Biden Tax Plan Would Force Top 10 Billionaires To Pay $215 Billion Over Next Decade
U.S. President Joe Biden said he plans to unveil “a 20% minimum tax rate on all American households worth more than $100 million.”
The so-called “Billionaire’s Tax” specifically targets roughly 700 of the nation’s wealthiest people.
The Washington Post reports that the proposal could be announced as early as Monday as part of the president’s rollout of his 2023 budget.
The move was lauded by economic experts and progressives opposed to inequality and the growing wealth gap between the rich and poor in the U.S.
Gabriel Zucman, associate professor of economics at U.C. Berkeley and an expert on inequality and taxation, said the Biden plan could have real teeth.
With the plan, the top 10 billionaires would pay at least $215 billion in the next 10 years.
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