Don’t bet on this….
Republicans are NEVER gonna let this happen….
But Progressives will love that Biden is even thinking about this…
Us middle class tax payers carry the load….
Not the rich….
President Biden will propose a new 20 percent minimum tax on America’s wealthiest households as part of his fiscal year 2023 budget, according to a White House fact sheet released on Saturday.
The White House said that the “billionaire minimum income tax” Biden will propose would apply to the top 0.01 percent of American households, or those worth more than $100 million. More than half of the revenue raised by the proposed minimum tax would come from households worth more than $1 billion, according to the fact sheet.
“President Biden is a capitalist and believes that anyone should be able to become a millionaire or a billionaire,” reads the fact sheet describing the tax proposal. “He also believes that it is wrong for America to have a tax code that results in America’s wealthiest households paying a lower tax rate than working families.”
Told ya so!…Didn’t last a day
Centrist Sen. Joe Manchin (D-W.Va.) on Tuesday shot down President Biden’s new plan to raise $360 billion in revenue by imposing a 20 percent minimum tax on billionaires, a proposal the president formally unveiled Monday in his budget request to Congress.
Manchin says he doesn’t support the president’s plan to tax the unrealized gains of billionaires, which would set a new precedent by taxing the value an asset accrues in theory before it is actually sold and converted into cash.
“You can’t tax something that’s not earned. Earned income is what we’re based on,” he told The Hill. “There’s other ways to do it. Everybody has to pay their fair share.”…
More…
Almost every time President Biden does something for the Progressives?
He gets his feet cut out from under him….