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Biden Proposes 20% Minimum Tax on Billionaires’ Incomes

HeadlineMar 28, 2022

The White House is unveiling a new tax plan that would establish a minimum 20% tax rate on all U.S. households worth more than $100 million. If approved by Congress, the Billionaire Minimum Income Tax would apply only to the top one-hundredth of one percent of U.S. tax filers. Experts estimate the tax could raise $215 billion from just the 10 wealthiest billionaires over the next decade. A vast trove of leaked IRS data recently obtained by ProPublica shows many of the richest billionaires — including Jeff Bezos and Elon Musk — paid little or essentially zero income tax in recent years.

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