In addition to more than $813 billion in national security spending, Biden will also propose a new minimum tax of 20% on households worth more than $100 million.
President Joe Biden is set Monday to send Congress his budget for fiscal 2023, laying out his policy priorities and kicking off the process of funding the federal government.
But lawmakers frequently ignore presidential budgets as they develop their own funding plans, and some Republicans are already pressing Biden to be more aggressive. “The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20% on their full income, including unrealized appreciation,” said a White House summary. “This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.”The Beacon analysts also said the administration’s inflation assumptions will be a key figure to watch for.
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