(Worthy News) – The Biden administration plans to announce a “Billionaire Minimum Income Tax” on Monday as part of its 2023 budget proposal, The Washington Post reports, citing five people with knowledge of the matter and an administration document obtained by the newspaper.
Fox News appears to have obtained the same document, and reports that the new tax would apply to all U.S. households with a net worth of more than $100 million.
The Post explains that many billionaires “pay far lower tax rates than average Americans because the federal government does not tax the increase in the value of their stock holdings until those assets are sold” and that billionaires can then “borrow against their accumulated gains without triggering taxes on capital gains.” [ Source: The Week (Read More…) ]
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