Joe Biden nods at fiscal discipline - GinaChon -
U.S. President Joe Biden on March 28 will propose a 20% minimum income tax on the wealthiest individuals as part of his 2023 fiscal year budget. The levy would be calculated on an amount that includes unrealized gains on stock and other investments that have not been sold.
The tax would apply to the roughly 0.01% of U.S. households that are worth more than $100 million. It would raise about $360 billion over a decade, and more than half of that revenue would come from households worth more than $1 billion, the White House said. Defense spending will rise about 4% compared to fiscal 2022 in Biden's proposed budget. The White House estimates the overall budget package would reduce the deficit by more than $1 trillion over 10 years.U.S. President Joe Biden delivers remarks on the Build Back Better Act and its impact on the cost of prescription drugs during a speech in the East Room at the White House in Washington, U.S., December 6, 2021.
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