Biden wants to impose a tax on amercians.

 Biden wants to impose a minimum tax of 25% on American billionaires.

 

According to a US media report, US President Joe Biden would ask Congress to enact a 25 percent minimum tax on billionaires as part of a series of planned tax increases on affluent people and businesses. According to a report from Bloomberg News on Wednesday, Biden's proposed spending proposal would also raise income taxes on corporations and rich Citizens while virtually doubling the capital gains tax on investments from 20 percent to 39.6 percent.

 

Amid stark differences between Republicans and Democrats on taxes, spending, and debt reduction, Biden will release his budget proposal on Thursday, beginning off what is certain to be difficult negotiations between the White House and a split Congress. Amid a $31 trillion national debt, Republicans and the White House are at odds over lifting the debt ceiling, the maximum amount of money the federal government is permitted to borrow.

 

Republicans, led by Speaker of the US House of Representatives Kevin McCarthy, have opposed raising the debt ceiling without major spending reductions and have scoffed at requests for increased taxes.

 

According to Biden, his plan will reduce the deficit by around $3 trillion over ten years, primarily by raising taxes. Democrats rule the Senate, while Republicans retain a majority in the House.

 

Biden urged Congress in his State of the Union address in February to approve increased taxes on the rich and "reward work, not just wealth."

 

The US president has reiterated that his proposed tax hikes will only affect a small fraction of Americans, telling an audience in Virginia last week that people with an annual salary of less than $400,000 "will not pay an additional single penny in any tax".

 

To ensure people earning more than $100 million pay at least 20% in taxes on both income and unrealized gains from unsold investments, Biden proposed a billionaire minimum income tax last year.

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