LONDON — The White House will unveil a new minimum tax targeting billionaires as part of its 2023 budget Monday, proposing a tax on the richest 700 Americans for the first time, according to five people with knowledge of the matter and an administration document obtained by The Washington Post.
The “Billionaire Minimum Income Tax” plan under President Biden would establish a 20 percent minimum tax rate on all American households worth more than dlrs 100 million, the document says. The majority of new revenue raised by the tax would come from billionaires.
Biden has long favored higher taxes on the wealthiest Americans, but the White House has not introduced a tax plan specifically designed to hit billionaires until now.
The plan comes amid signs that the administration’s negotiations with Sen. Joe Manchin III (D-W.Va.) over stalled White House economic proposal may be reviving. But all previous efforts to tax billionaires have failed amid major political head winds, and it is unclear if Manchin and Sen. Kyrsten Sinema (D-Ariz.) will go along with the plan. (MENA)
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