By using this site, you agree to the Privacy Policy and Terms Of Use.
Accept
WhatsNew2DayWhatsNew2Day
  • Home
  • Australia
  • Business
  • Economy
  • Entertainment
  • Gaming
  • Health
  • Lifestyle
  • Science
  • Sports
  • Tech
  • US
  • World
Reading: Biden to propose 25 percent minimum tax on US billionaires
Share
Aa
WhatsNew2DayWhatsNew2Day
Aa
  • Home
  • Contact
  • About us
  • Privacy Policy
  • Home
  • Australia
  • Business
  • Economy
  • Entertainment
  • Gaming
  • Health
  • Lifestyle
  • Science
  • Sports
  • Tech
  • US
  • World
Follow US
© 2022 WhatsNew2Day News Network. All Rights Reserved.
WhatsNew2Day > World > Biden to propose 25 percent minimum tax on US billionaires
World

Biden to propose 25 percent minimum tax on US billionaires

Last updated: 2023/03/08 at 8:51 PM
Merry 2 weeks ago
Share
Biden to propose 25 percent minimum tax on US billionaires
SHARE

The US president’s announced budget plan would also nearly double the capital gains tax on investments.

US President Joe Biden will call on Congress to impose a 25 percent minimum tax on billionaires as part of a series of proposed tax increases for high net worth individuals and companies, according to a US media report.

The spending plan proposed by Biden would also nearly double the capital gains tax on investments from 20 percent to 39.6 percent, and raise income taxes for businesses and wealthy Americans, Bloomberg News reported Wednesday.

Biden will unveil his budget plan on Thursday amid sharp divisions between Republicans and Democrats over taxes, spending and debt reduction, kicking off likely fraught negotiations between the White House and a divided Congress.

The spending plan comes as Republicans and the White House are locked in a deadlock over raising the debt ceiling, the total amount the federal government is allowed to borrow, amid a $31 trillion national debt.

Republicans, led by Speaker of the US House of Representatives Kevin McCarthy, have argued that the ceiling should not be raised without significant spending cuts and have rejected calls for higher taxes.

Biden has said his plan will reduce the deficit by nearly $3 trillion over 10 years, primarily through tax increases. The Republicans have a majority in the House, while the Democrats control the Senate.

During his State of the Union address in February, Biden called on Congress to support higher taxes on the wealthy and “reward work, not just wealth.”

The U.S. president has insisted that his proposed tax increases will only affect a small percentage of Americans, telling an audience in Virginia last week that those with annual salaries under $400,000 “will not pay a penny of extra tax.”

Biden proposed a minimum income tax for billionaires last year to ensure that households worth more than $100 million pay at least 20 percent tax on both income and unrealized gains from unsold investments.

You Might Also Like

Russia-Ukraine war: List of key events, day 394

China authorities raid US due diligence firm, detain staff

Zelenskyy calls on EU to give jets, missiles or expect a long war

Crypto founder Do Kwon indicted in US after Montenegro arrest

N Korea tests new underwater nuclear attack ‘drone’: State media

TAGGED: Biden, Billionaires, Business and Economics, Economy, minimum, percent, propose, tax, United States, US and Canada
Merry March 8, 2023
Share this Article
Facebook Twitter Email Print
Share
Previous Article Police secure the scene at 107 East 126 street outside of NYCHA.  1775 Houses, where a man was shot on Wednesday, March 8, 2023. Woman shoots man in Manhattan public housing building
Next Article Macron calls for MORE funding from the UK to stop Channel crossings Macron calls for MORE funding from the UK to stop Channel crossings

Latest

Thunder vs.  Clippers - NBA Live Game - March 24, 2023 |  ESPN
Thunder vs. Clippers – NBA Live Game – March 24, 2023 | ESPN
Sports
Florida State Representative Will Robinson, pictured, was pranked while presiding over a hearing for the legislature's Civil Justice Committee on Monday.
Moment Florida state rep is humiliated after raunchy fake names are slipped into legislature hearing
News
Pictured is the 2016 edition Chevrolet Camaro), for decades the dream car of many American teenage boys, will be discontinued.
Death of the Camaro! Chevy announces plans to stop manufacturing sporty model
US
Leon S Kennedy takes aim at a new foe in the Resident Evil 4 remake, a hefty cow-headed villager who carries a sledgehammer
17 differences between Resident Evil 4 remake and the original
Gaming
Linedy Genao and Jordan Dobson in "Bad Cinderella."
BROADWAY REVIEW: Terrible ‘Bad Cinderella’ lives up to its title
News
Jordan paddled a kayak and tossed a whole frozen mullet into the harbor to attract the bull shark (pictured) before bringing it in from the Botanical Gardens.
A bull shark wobbles off the Sydney Harbor Opera before being released by a fisherman
Australia

nba 2k23 mt

© WhatsNew2Day News Network. All Rights Reserved. Email: contact@whatsnew2day.com

  • Home
  • Contact
  • About us
  • Privacy Policy

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?