
President Joe Biden speaks about Russian President Vladimir Putin and Russia’s invasion of Ukraine after unveiling his proposed budget for fiscal year 2023 in the State Dining Room of the White House, Monday, March 28, 2022, in Washington. (AP Photo/Patrick Semansky) WASHINGTON (AP) — A “Billionaire Minimum Income Tax” is included in President Joe Biden’s fiscal year 2023 budget proposal — part of the administration’s effort to reduce the federal deficit over the next decade and fund new spending.
Main Idea: President Joe Biden’s budget proposes a new billionaire minimum income tax that would make the richest households pay at least 20% on income and unrealized gains.
Key Points:
If Congress approved Biden’s tax plan, some wealthy investors could face higher taxes on unsold gains, which may slow some investment choices and is still uncertain to pass.
The plan could raise money to cut the deficit or help lower costs for families if the tax reaches the expected billions.
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Home institution of the accounting and taxation professor quoted on congressional prospects.
Named billionaire singled out as one of the high-profile people who could be affected.
Home institution of the tax law professor quoted to explain the proposal.
Named billionaire cited as a likely subject of the proposed tax.
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Named billionaire cited as a likely subject of the proposed tax.
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Cited as the source of public opinion polling on upper-income taxes.
Cited as the source of public opinion data on tax fairness.