The Biden administration is stirring up controversy once again with its proposed tax increases for the wealthy and corporations. According to sources, the administration is set to introduce a minimum tax rate of 25% on the richest 0.01% of Americans as part of its new budget request to Congress.
Biden wants to tax billionaires at least 25% as well as hike income, corporate, and capital gains taxes for wealthy Americans in his budget proposal https://t.co/C6iWdqr2As
— Bloomberg (@business) March 9, 2023
Critics argue that this move would unfairly target the most successful Americans and hurt the economy by killing jobs. The proposed tax hike would also close a loophole that allows some wealthy investors to avoid paying taxes on their investments through “passthrough businesses”.
In addition, the Biden administration is planning to increase the top tax rate for those making $400,000 or more annually to 39.6%, undoing a tax cut from the Trump era. The proposal has ignited a fierce debate over the role of government in taxation and the impact on the economy. Stay tuned for updates on this developing story