Biden will target some Americans with the new ‘minimum’ tax – Indy News

President Joe Biden’s 2023 budget will have a minimum tax provision aimed at billionaires, seen by critics as another class war attack on men and women whose wealth is often used to sustain or create jobs.

According to a document obtained by Fox News, the plan is called “the billionaire’s minimum income tax” and its stated purpose is to “ensure that extremely wealthy Americans pay at least 20 percent tax on their entire income. Unrealistic praise.”

In reality, however, a 20 percent minimum tax rate would apply to U.S. households worth $ 100 million or more, although the document claims that half of the new revenue will come from households worth at least 1 billion.

“This minimum tax will ensure that wealthy Americans no longer pay lower taxes than teachers and firefighters,” the document claims.

Fox Business added:

Wealthy families who have already paid 20% of their full income will not pay additional taxes under the proposal. However, the document states that if a “tax-free unrealistic income allows a wealthy family to pay less than 20 percent of their full income, they must pay a top-up payment to meet the 20 percent minimum.”

The document further states that the tax will “eliminate the unrealistic income potential of ultra-high-net-worth families” to go unnoticed for decades or generations.

In addition, according to the document, the minimum income tax would “make the US tax code more equitable and reduce the deficit by about $ 360 billion over the next decade.”

“In effect, the billionaire’s minimum income tax payment is a prepayment of the tax liability that these families owe when they realize their benefits,” the document states. “This approach means that very wealthy Americans pay the same taxes as everyone else and remove the inefficient shelter of income for decades or generations.”

Fox Business added that Biden’s 2023 budget is expected to be released on Monday.

News of Biden’s proposed new tax on wealthy Americans comes on the heels of a survey that found that 57 percent of Americans paid no income tax at all in 2021, up from 44 percent the previous year.

CNBC Note:

More than half of American households did not pay any federal income taxes last year because of the Covid-Relief Fund, tax credits and incentives, according to a new report.

The Non-Aligned Tax Policy Center estimates that 57% of U.S. households have not paid any federal income tax for 2021, a significant increase from 44% prior to the epidemic.

Howid-related job losses, income cuts, stimulus checks and tax credits are largely responsible for this increase, said Howard Gleckman, a senior fellow at the Tax Policy Center.

The Biden plan also includes a plan proposed by Sen. Rick Scott (R-Fla.) That would call for a small increase in income tax on Americans who are not currently paying.

“I don’t believe in tax increases,” he told NPR about the proposed 11-point plan.

“I’m not going to raise taxes on anyone, but I want to have a conversation,” he said. “We have capable Americans who are living outside of government programs instead of working, and that’s because of this Democrat policy. And that doesn’t work. We’ve got billionaires who aren’t paying income tax, you know, income tax.A

Critics of Biden’s plan are forced to point out that over the decades, wealthy Americans have paid almost all federal income taxes.

A 2021 survey by the Heritage Foundation states that “high-income Americans already pay the most taxes, and the U.S. tax system is extremely progressive compared to other countries.” “Proposals such as wealth taxes would further destabilize the US fiscal system and slow down our economic recovery.”

“The latest official data shows that in 2018, the top 1% of earners – who earned more than $ 540,000 – earned 21% of all U.S. income while paying 40% of all federal income tax. The top 10% earned 48% of income and paid 71% of federal income tax, ”the survey said.

Biden to target some Americans with new ‘minimum’ tax appeared first conservative brief

Leave a Reply

Your email address will not be published.