The White House proposes to increase the tax burden on the richest

The new measure, which must be approved by Congress before it can be applied, expects to raise nearly 360,000 million dollars in ten years.

The Joe Biden government will propose increasing the tax burden on the wealthiest Americans in its 2023 budget bill, which is scheduled to be presented on Monday, the Washington Post reported this Saturday (3/26/2022).

The proposal, called the “Billionaires’ Minimum Income Tax,” seeks to establish a minimum tax rate of 20 percent on annual income of more than $100 million.

“The Billionaire Minimum Tax will ensure that the richest Americans pay at least 20 percent in taxes on their entire income,” says the White House text obtained by the newspaper.

“With this minimum tax, the wealthiest Americans will no longer be subject to a lower tax rate than teachers or firefighters,” adds the US government.

The new measure, which must be approved by Congress before it can be applied, expects to raise nearly 360,000 million dollars in ten years.

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An earlier US administration study this fall found that 400 billionaire households paid an average of 8.2 percent in income taxes between 2010 and 2018, a rate often far lower than many US households.

If the Biden administration’s proposal is approved, Elon Musk, the head of Tesla and the richest man in the world, will have to pay 50 billion dollars more in taxes and the founder of Amazon, Jeff Bezos, about 35 billion more, according to calculations by Gabriel Zucman, an economist at the University of California at Berkeley, cited by the newspaper.

mg (afp, The New York Times, Reuters)

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