According to a US media report, US President Joe Biden would ask Congress to enact a 25 percent minimum tax on billionaires as part of a series of planned tax increases on affluent people and businesses.
According to a report from Bloomberg News on Wednesday, Biden’s proposed spending proposal would also raise income taxes on corporations and rich Citizens while virtually doubling the capital gains tax on investments from 20 percent to 39.6 percent.
In the midst of stark differences between Republicans and Democrats on taxes, spending, and debt reduction, Biden will release his budget proposal on Thursday, beginning off what are certain to be difficult negotiations between the White House and a split Congress.
In the midst of a $31 trillion national debt, Republicans and the White House are at odds over lifting the debt ceiling, the maximum amount of money the federal government is permitted to borrow.
Republicans, led by Speaker of the US House of Representatives Kevin McCarthy, have opposed raising the debt ceiling without major spending reductions and have scoffed at requests for increased taxes.
According to Biden, his plan will reduce the deficit by around $3 trillion over ten years, primarily by raising taxes. Democrats rule the Senate, while Republicans retain a majority in the House.
