The White House will target billionaires with a new minimum tax when President Biden unveils his 2023 budget, according to a document from the administration obtained by Fox News.
unveils his 2023 budget, according to a document from the administration obtained by Fox News.
US President Joe Biden delivers a speech about the Russian war in Ukraine at the Royal Castle in Warsaw, Poland on March 26, 2022.As part of the plan, a 20% minimum tax rate would be placed on U.S. households worth more than $100 million, with more than half the revenue coming from households worth more than $1 billion.
In this Jan. 14, 2017, photo, tax forms sit on a desk at the start of the tax season rush, inside the offices of tax preparation firm Infinite Tax Solutions, in Boulder, Colo. The document also said the tax "will eliminate the ability for the unrealized income of ultra-high-net-worth households to go untaxed for decades or generations."
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