Biden To Unveil New Minimum Tax On Billionaires In 2023 Budget

According to a recent White House document, President Joe Biden will propose a minimum tax on billionaires. 

• Biden is expected to unveil the proposal in the fiscal 2023 budget, which is likely to take place on Monday. 
• The proposed "Billionaire Minimum Income Tax" would set a 20% minimum tax rate on households worth more than $100 million. 
• The almost 700 billionaires in the U.S. will need to pay the minimum tax of 20% on all of their income, including unrealized investment income that is now untaxed. 
• The Biden administration has estimated that the tax would bring in some $360 billion in revenue over the next decade. 
• The budget proposal would also slash the projected federal deficit by $1 trillion over the next 10 years. 
• In fiscal year 2021, the federal deficit totaled nearly $2.8 trillion, about $360 billion less than in 2020. 

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Photo: Courtesy of Prachatai on Flickr