Biden’s Budget: Taxes on Wealthy, Defense and Deficits in Focus

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Biden’s Budget: Taxes on Wealthy, Defense and Deficits in Focus
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The White House is set to release its multitrillion-dollar budget for fiscal year 2023 on Monday. Here's what to know.

and Russia’s war in Ukraine. Here are some things to know about the coming release.

President Biden will call for a new minimum income tax on wealthy Americans, according to a White House fact sheet released March 26. Under the proposal, households worth more than $100 million that don’t pay at least 20% in tax on a combination of their standard reported income and their gains on unsold assets such as stocks would owe additional tax until they have paid the new minimum 20%, according to the White House fact sheet. This would apply to the top 0.

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