The White House plans to send a direct tax bill to the 700 richest Americans for the first time. This is evident from information that The Washington Post received from various sources.
The newspaper has also seen a government document. According to that piece, President Joe Biden’s bill would mean that the country’s billionaires would be imposed a tax rate of at least 20 percent. That will apply to households that generate more than $100 million in annual income.
Biden, who will present the plan Monday as part of the 2023 budget, has long been in favor of taxing the super-rich more heavily. So far, that has never worked.
The plan’s launch has been accompanied by signs that stalled negotiations between the government and thwarting Democratic Senator Joe Manchin on economic issues may have resumed. However, it is unclear whether Manchin and his Democratic counterpart Kyrsten Sinema, who have recently opposed some of Biden’s crucial bills, will approve the tax proposal. Republicans are not to be expected at all.
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