US President Joe Biden said in a budget textbook for the 2023 fiscal year (October 2010-September 2011) announced on the 28th that income will be targeted at ultra-rich households exceeding $ 100 million (regarding 12.2 billion yen). Propose a tax increase that will tax both unrealized capital gains income by at least 20%.
The idea that the White House calls the “billionaire minimum income tax” is the most in-depth proposal the Biden administration has made to raise taxes for the wealthiest.
If the law is passed, an estimated $ 360 billion in new tax revenues are expected over the next decade, more than one-third of the White House’s estimated deficit spending savings over the same period ($ 1 trillion).
The White House said, “President Biden is a capitalist and believes that everyone should be a millionaire or billionaire. At the same time, the wealthiest households in the United States will pay taxes at a lower tax rate than working households. I think the tax law is wrong. “
The Senate Democratic Party made a similar proposal last year to finance the Biden administration’s tax and spending plan, “Build Back Better.”
Original title:Biden to Propose 20% Tax Aimed at Billionaires, Unrealized Gains(excerpt)
