Biden to Propose New Wealth Tax After Pressure from Radical Left
Joe Biden’s time at the top of the Democratic Party comes at a strange juncture in the organization’s history, and there are concerns that the radical left may soon make a move for control of the entire shebang.
The younger, highly liberal wing of the party is using their innate social media advantages to reach more and more of the party these days, with ideas about forgiving student loan debt, universal healthcare, and, of course, taxing the rich.
It seems that Joe Biden is now looking to capitulate the radicals as the midterm elections loom just over the horizon.
The White House will target billionaires with a new minimum tax when President Biden unveils his 2023 budget, according to a document from the administration obtained by Fox News.
Dubbed the “Billionaire Minimum Income Tax,” the Biden administration proposal, as highlighted in the document, aims to “ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income, including unrealized appreciation.”
Here are the numbers:
As part of the plan, a 20% minimum tax rate would be placed on U.S. households worth more than $100 million, with more than half the revenue coming from households worth more than $1 billion.
And that isn’t all…
Wealthy households who already pay 20% on their full income will not pay an additional tax under the proposal. However, the document noted that if a “tax-free unrealized income allows a wealthy household to pay less than 20 percent on their full income, they will owe a top-up payment to meet the 20 percent minimum.”
The move will almost certainly provide some momentum for Democrats on the far-left heading into the midterm elections, and could embolden this radical mindset in 2022 and beyond.