October 5, 2022

Taylor Daily Press

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Biden wants to tax 700 of the richest Americans: 'at least 20 percent rate' |  Abroad

Biden wants to tax 700 of the richest Americans: ‘at least 20 percent rate’ | Abroad

The White House plans to send tax bills directly to the 700 richest Americans for the first time. This is evident from the information received by the “Washington Post” from various sources and a government document.

According to that article, President Joe Biden’s bill would mean that the nation’s billionaires would have a tax rate of at least 20 percent. This applies to households generating more than $100 million (91 million euros) in annual income. Biden, who will present the plan on Monday as part of the 2023 budget, has long been in favor of bigger taxes on the super-rich. So far, this has never worked.

In addition, there are signs that stalled negotiations with Democratic Senator Joe Manchin on economic issues may have begun again. However, it is unclear whether Manchin and his Democratic counterpart Kirsten Senema will agree to the tax proposal. Republicans don’t expect any support at all.

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