Biden Administration , Will Propose Minimum Tax , on Wealthiest Households.<br />NBC reports that the Biden administration will propose <br />a new minimum tax on the wealthiest households <br />in the United States in its fiscal 2023 budget. .<br />The Billionaire Minimum Income Tax plan <br />is reportedly expected to be released on March 28. .<br />The proposed plan would impose a 20% minimum<br />tax on U.S. households worth over $100 million. .<br />America’s imbalanced tax code means <br />that many millionaires and billionaires <br />end up paying lower tax rates <br />than middle class workers, White House fact sheet, via NBC.<br />The proposal is reportedly meant to put the U.S. government on more solid financial footing, , "building on the progress the Administration <br />has made to reduce the deficit.".<br />According to the White House, the proposed <br />plan could reduce the deficit by nearly<br /> $360 billion over the next ten years. .<br />NBC reports that the new tax on the wealthy <br />would combine with other measures to <br />reduce projected deficits by over $1 trillion. .<br />The new budget also reportedly proposes, "additional smart, targeted investments designed <br />to spur durable economic growth, create jobs, reduce <br />cost pressures, and foster shared prosperity — <br />while more than fully offsetting their cost.".<br />In 2021, Senate Finance Committee Chair <br />Ron Wyden, D-Ore., unveiled the <br />so-called Billionaires Income Tax.<br />In 2021, Senate Finance Committee Chair <br />Ron Wyden, D-Ore., unveiled the <br />so-called Billionaires Income Tax.<br />However, the proposal to impose tougher <br />taxes on the 700 wealthiest Americans <br />failed to make progress. .<br />At the time, Senator Joe Manchin <br />denounced Wyden's proposal as divisive.
