billionaires (press)
WASHINGTON (awp/afp) – The administration of Joe Biden will propose to tax the wealthiest Americans more in its draft 2023 budget which it should present on Monday, the Washington Post said on Saturday.
This proposal titled “Minimum tax on the income of billionaires” would target the 700 or so richest Americans by establishing a minimum tax rate of 20% on incomes above 100 million dollars annually.
“The minimum income tax on billionaires will ensure that the wealthiest Americans pay at least 20% in taxes on all of their income,” says the White House text obtained by the newspaper.
“With this minimum tax, the wealthiest Americans will no longer be subject to a lower tax rate than teachers or firefighters,” adds the White House.
This new measure, which must be approved by Congress to be applied, could raise up to 360 billion dollars in new revenue over ten years.
A previous study by the US administration said this fall that 400 households of billionaires paid an average of only 8.2% in taxes on their income between 2010 and 2018, a rate often well below that of many. American homes.
This White House project, while taxing the richest was one of the Democrats’ main concerns during the 2020 presidential campaign, could radically change the tax slate of American billionaires.
For example, Elon Musk, the leader of Tesla and the richest man in the world, should pay 50 billion dollars in additional taxes and the founder of Amazon Jeff Bezos some 35 billion more, according to the calculations of a economist from the University of Berkeley in California, Gabriel Zucman, quoted by the newspaper.
vmt/roc