Biden Administration expected to announce new tax on billionaires
(KYMA, KECY) - The Biden Administration is expected to unveil a new minimum income tax for billionaires Monday.
According to the White House, the plan is part of President's Biden's budget proposal for fiscal year 2023.
The billionaire minimum income tax would require households with more than $100 million to pay a rate of least 20% on their full income.
Supporters say it would make sure that wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.
Sources say the additional revenue could help fund green energy programs and lower the cost of prescription drugs ahead of the midterm elections.
