White House Budget Office: Biden’s budget proposal requires people with assets over $100 million to pay at least 20% federal income tax Reuters

Summary

[White House Budget Office: Biden’s budget proposal requires people with assets of more than $100 million to pay at least 20% of federal income tax]The White House Budget Office said that Biden’s budget plan maintains his “firm commitment” that annual income is less than People on $400,000 won’t pay higher taxes; federal government spending on pandemic and economic support in 2022 will be about $1 trillion less than in 2021; budget plan doesn’t include Biden’s ‘build back better’ spending plan ; Biden’s budget proposal would require people with assets over $100 million to pay at least 20% of federal income tax; the budget deficit would fall to 4.5% of GDP by fiscal 2023 and stay below 5% for the next 10 years, That compares with 12.4% in fiscal 2021. (Financial Association)

The White House Budget Office said Biden’s budget plan maintains his “firm commitment” that people earning less than $400,000 a year will not pay higher taxes; the federal government’s 2022 spending for the epidemic and economic support will be About $1 trillion less than in 2021; budget plan excludes Biden’s “build back better” spending plan; Biden’s budget proposal would require those with assets over $100 million to pay at least 20% of federal income tax; through fiscal 2023 , the budget deficit accounts forGDPwill fall to 4.5% and stay below 5% for the next 10 years, compared with 12.4% in fiscal 2021.

　　reported earlier

　　Biden raises wealth tax again, plans to impose new 20% minimum income tax on billionaires

According to reports, US President Biden will propose a new tax plan called “Billionaire Minimum Income Tax” when he announces his 2023 budget on March 28, local time. The tax package, aimed primarily at billionaires, will hit America’s billionaires’ income and capital gains hard.

The new tax package would impose a minimum tax rate of 20 percent on U.S. households and individuals with assets over $100 million.The proposal aims to build a more beautiful “rebuild” for Bidengood future“The plan is to provide funding and reduce the government’s fiscal deficit. If this tax bill passes, it is expected to generate $360 billion in revenue for the U.S. government over the next 10 years.

The plan is mainly aimed at more than 700 billionaires in the United States, including Musk, Bezos, Zuckerberg and others. Analysts pointed out that under this tax plan, Bezos will have to pay an additional $35 billion in taxes every year; Musk, the world’s richest man, will pay an additional $50 billion in taxes every year. (Source: First Finance and Economics)

(Article source: Financial Associated Press)

Article source: Financial Associated Press

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White House Budget Office: Biden’s budget proposal would require people with assets over $100 million to pay at least 20% of federal income tax