Biden to propose 25% billionaire tax

Authored by axios.com and submitted by bhodrolok

The Biden administration is set to propose a series of tax increases for wealthy Americans and large corporations, Bloomberg first reported and Axios has confirmed.

Driving the news: The new budget request to Congress, which is to be released on Thursday, includes a 25% minimum tax on the richest 0.01% of Americans.

What we know: The new budget would close a loophole that allows some wealthy investors with "passthrough businesses" to avoid paying tax on their investments.

It would also increase the top tax rate for Americans making $400,000 a year to 39.6% from 37%, reversing a Trump-era tax bill.

Additionally, it would raise income levies on corporations and billionaires.

The Budget would set the corporate tax rate at 28%, still well below the 35% rate that prevailed prior to the 2017 tax law, according to a White House official.

What's next: The administration is scheduled to hold a briefing on the proposal Thursday morning.

Go deeper: What’s inside Biden’s Medicare proposal

amorousambrosia on March 9th, 2023 at 05:59 UTC »

You know who's gonna be the most pissed off about this? Republican supporters who make $40,000 a year.

LudovicoSpecs on March 9th, 2023 at 04:53 UTC »

Now we're talking.

Stop going after the people who are just making what their parents made, adjusted for inflation.

Get the assholes who robbed the world by underpaying employees, raiding pension funds on Wall Street, and forcing the public to clean up their toxic waste sites and bail out their failed companies.

rounder55 on March 9th, 2023 at 04:33 UTC »

But that'll impact the 7th generation of my lineage if I just start pulling myself up by my bootstraps