China News Service, March 27 (Reuters) - U.S. President Joe Biden will propose a new minimum tax on billionaires when he announces his 2023 budget on the 28th, according to a document released by the White House on the 26th, local time. .
On March 8, local time, US President Biden was at the White House.
Photo by China News Agency reporter Chen Mengtong
The document said Biden's "Billionaire Minimum Income Tax" plan, which would target more than 700 U.S. billionaires, would impose a minimum tax rate of 20 percent on households with assets of more than $100 million.
The document also said the tax would help reduce the budget deficit by about $360 billion over the next 10 years.
The report said that in the fall of 2021, U.S. Senate Democrats had proposed a billionaire tax to help pay for a bill proposed by Biden called "Rebuilding a Better Future", but the spending plan failed to progress due to insufficient support in the Senate.