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 de…
| Associated Press
Whether Congress will approve is a major question as the administration outlines its hope to tax the nation’s highest earners.The budget proposes that households worth more than $100 million pay at least 20% in taxes on both income and “unrealized gains”— the increase in an unsold investment’s value. For many wealthy individuals, the administration says, that “true income” never gets taxed since it can be held onto for decades and sometimes generations.
That’s why David Gamage, a tax law professor at Indiana University says “it’s not a wealth tax, it’s an income tax reform.” He says, “This is a minimum income tax that includes the true economic value” of income that can be held for a very long time, he said.Roughly 700 billionaires would be affected by the tax proposal, the White House says, estimating that these individuals increased their wealth in 2021 by $1 trillion, paying roughly 8% of their income and unrealized gains in taxes.
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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