Biden is making enemies everywhere.
According to a report by Fox News, the Biden administration will be targeting billionaires with a minimum tax when President Joe Biden reveals his 2023 budget on Monday (March 28).
According to the proposal, called the “Billionaire Minimum Income Tax,” very wealthy Americans will “pay a tax rate of at least 20 percent on their full income, including unrealized appreciation.
The plan will target U.S. households worth more than $100 million, with more than half of the tax collected being obtained from households valued at more than $1 billion.
The proposal states the motive of the tax is to ensure “the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.”
It also revealed that households already paying the 20 percent tax would not be subject to additional taxes.
The document goes on to state that “tax-free unrealized income allows a wealthy household to pay less than 20 percent of their full income,” but added that “they will owe a top-up payment to meet the 20 percent minimum.”
When implemented, the tax “will eliminate the ability for the unrealized income of ultra-high-net-worth households to go untaxed for decades or generations.”
The document also touts how the new tax minimum would “make America’s tax code fairer and reduce the deficit by about $360 billion in just the next decade.”