The Washington Post, citing five sources and an internal government document, said the “billionaire minimum income tax” plan would introduce a minimum tax rate of 20% on all US households worth more than $ 100 million. This would mean that the majority of new revenue would come from billionaires, who are often the target of public and political outrage over tax evasion schemes. The newspaper said it would be “for the first time a tax on the richest 700 Americans.” The Post reported that the White House Bureau of Management and Budget and the Financial Advisory Board estimated that some 400 U.S. billionaire families paid an average federal tax rate of just about 8% of their income between 2010 and 2018 – well below the $ 1 million who are much less rich. The newspaper quoted the administration document as saying: “The minimum income tax for billionaires will ensure that the richest Americans will pay a tax rate of at least 20% of their full income. This minimum tax would ensure that the richest low-income Americans would not rate by teachers and firefighters “. Biden has surprised many progressives in his party by pursuing an ambitious domestic agenda to the left of his party’s presidential campaign. However, opposition from key centrists, particularly West Virginia Sen. Joe Manchin and Arizona Sen. Kirsten Cinema, largely paid for the plans as they failed to garner enough support in the tightly divided Senate. Although Biden is looking for ways to motivate his party activists and call on voters in view of the widely expected losses in the November midterm elections, there is little sign that the party’s centrists will now support a more progressive party.
