Washington, Mar 27: US President Joe Biden will propose a new “Billionaire Minimum Income Tax” as part of the 2023 budget to be released on Monday, CNBC reports.
The new tax targeting US billionaires would assess a 20% minimum tax rate on US households worth over $100 million, CNBC said on Saturday, citing a relevant document.
“As a result, this new minimum tax will eliminate the ability for the unrealized income of ultra-high-net-worth households to go untaxed for decades or generations,” the document says.
According to CNBC, the proposed income tax for the wealthy could reduce the deficit by about $360 billion in the next decade and over half of the revenue would come from those worth more than $1 billion.
If a wealthy household currently pays less than 20%, they will be charged a “top-up payment” to meet the new minimum tax requirement under Biden’s new proposal.
(UNI)
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