Biden’s budget proposal puts 20% tax on billionaires and unrealized profits !

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President Joe Biden will propose a minimum 20 percent tax rate as part  of his budget proposal, which  would hit both American households’ incomes and unrealized capital gains that exceed $100 million as part of his budget proposal.  Is.

  The plan – dubbed the “billionaire minimum income tax” by the White House – represents the most aggressive  proposal yet by the administration in its efforts to tax the wealthy.
  If enacted,  the tax would generate an estimated $360 billion in new revenue over the next decade, representing  more than a third of the White  House’s estimated $1 trillion cut of deficit spending.
  “They also believe  it is wrong for America to have a tax code that results in America’s wealthiest families  paying a lower tax rate than working families,” the  White House said.
  The  minimum tax,  first reported by the Washington Post, is similar to a proposal introduced by Senate Democrats  last year that suggested offsetting the cost of Biden’s Build Back Better bill with a minimum tax that would be imposed on those taxpayers.  Applicable to those whose net worth  exceeds $1 billion or whose income exceeds $100 million in three consecutive years.
  Those covered under the new  law must complete a process called mark to market, where they provide  the Internal Revenue Service with detailed accounts of how much of their assets were gained or  lost in value each year.

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