- 20
- Biden to propose 25 percent minimum tax on US billionaires
-
As part of a succession of proposed tax hikes on wealthy people and companies, US President Joe Biden will ask Congress to impose a 25 percent minimum tax on billionaires, according to a US media report.
According to a report published on Wednesday by Bloomberg News, Biden's suggested budget would also raise income taxes on large businesses and wealthy Americans while nearly doubling the capital gains tax on investments from 20 percent to 39.6 percent.
In the midst of stark disagreements between Republicans and Democrats on taxes, spending, and debt reduction, Biden will release his budget proposal on Thursday, kicking off what are likely to be difficult talks between the White House and a divided Congress.
The White House and Republicans are at odds over raising the debt limit, the maximum amount of money the federal government is permitted to borrow, in the midst of a $31 trillion national debt, at the time the spending plan is announced.
Republicans, led by US House of Representatives Speaker Kevin McCarthy, have argued that raising the ceiling should not occur without substantial spending reductions and have rejected calls for higher taxes.
According to Biden, his plan will primarily involve tax increases and will reduce the debt by almost $3 trillion over a ten-year period. Democrats rule the Senate, while Republicans retain a majority in the House.
Biden urged Lawmakers to support higher taxes on the wealthy and "reward work, not just wealth" during his State of the Union speech in February.
The US president has insisted that his planned tax hikes will only impact a small percentage of Americans, telling an audience in Virginia last week that those with an annual salary of less than $400,000 "will not pay an additional single penny in any tax".
Pristine Network
- 2023-03-09 05:53:41
