The “Billionaire Minimum Income Tax” included in President Joe Biden’s proposed budget is part of the administration’s effort to reduce the federal deficit
This is an extremely nuanced policy. The tax is targeting the ultra wealthy. It's taxing gains achieved from their wealth, but it's real and unrealized income rather than simply the underlying assets.
“A firefighter and a teacher pay more than double” the tax rate that a billionaire pays, Biden said during Monday's press conference. A 2017 Gallup poll states that slightly more than six in 10 Americans say that upper-income people pay too little in taxes.Donald Williamson, an accounting and taxation professor at American University in Washington, said “a couple of years ago, I would've laughed out loud. Today it’s conceivable."
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