6 minutes agoBiden to propose new tax on billionaires
Periskopi(4 years ago)
(4 years ago)Under the proposal families with assets of over $100m will pay at least 20% tax on their total income. Part of this group are about 700 American families.
US President Joe Biden's administration will propose a decision to impose higher taxes on richer Americans, some American media reported on Sunday.
According to a White House document expected to be released soon, quoted by the “The Washington Post”, the proposal will be part of the 2023 budget.
Referring to the same document, the so-called “Miniation Tax of Billions” envisions a 20% minimum tax on households with more than $100m and will lead to reduced budgetary deficits of more than a trillion dollars over the next decade.
“This minimum tax will make richer Americans no longer pay a tax rate lower than teachers and firefighters”, says the document, transmenton DW/
Who wants to pay more?
Meaninging a massive reorient of US tax law, the proposal would affect 0.001% of households. In this category, half the expected income would come from families with more than a billion dollars.
The proposal would end the fact that the richest people in the United States pay lower rates than those belonging to the middle class. Particularly, a study by the Beden administration last autumn found that 400 families of billionaires paid on average only 8.2% taxes on their incomes in 2010-2018. This percentage is often below that of many ordinary American families.
The new proposal will dramatically change the situation on taxes paid by American billionaires. For example, Tesla's owner, Elon Musk, will pay an additional 50 billion dollars in taxes, while Amazon founder Jeff Bezos will pay approximately $35 billion more, according to data that has been able to account for the economist of the University of California “Beerkeley”, Gabriel Zucman, quoted by “Washington Post”.
Need for More Support
The highest taxation for billionaires has long been a requirement of left politics. But the new measure requires the approval of Congress. It may raise up to $360 billion more in revenue over a 10-year period.
The Biden administration inherited from the former administration Trump a budget deficit that was 14.9% of the entire American economy. However, starting next year's budget, the deficit will be below 5% of the economy, experts say.
