US media reports that President Joe Biden’s administration will include more taxes on the wealthiest Americans in its 2023 budget proposal, due to be released.
The Billionaire Minimum Income Tax would require the 700 or so American households worth more than $100 million to pay at least 20 per cent on their full income.
A white house document states that this minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.
The tax would also target unrealized gains in the value of liquid assets, such as stocks, which are not taxed until they are sold.