The White House will target billionaires with a new minimum tax when President Biden unveils his 2023 budget, according to a government document obtained by Fox News. Named the “Minimum Income Taxpay for Billionaires,” the Biden administration’s proposal, the document said, aims to “ensure that wealthier Americans pay at least 20 percent tax on their full income, including unpaid income.” US President Joe Biden delivers a speech on the Russian War in Ukraine at the Royal Castle in Warsaw, Poland, on March 26, 2022. (Brendan Smialowski / AFP via Getty Images / Getty Images) 57% OF AMERICAN HOUSEHOLDS DID NOT PAY INCOME TAX LAST YEAR, PROVIDE A STUDY As part of the plan, a minimum tax rate of 20% will be imposed on US households worth more than $ 100 million, with more than half of the revenue coming from households worth more than $ 1 billion. “This minimum tax would ensure that wealthier Americans no longer pay a lower tax rate than teachers and firefighters,” the document said. In this photo from January 14, 2017, the tax forms are in an office at the beginning of the tax period, inside the offices of the tax preparation company Infinite Tax Solutions, in Boulder, Colo. (AP Photo / Brennan Linsley / AP Newsroom) Wealthy households that already pay 20% of their full income will not pay extra tax under the proposal. However, the document noted that if a “tax-free unrealized income allows a wealthy household to pay less than 20 percent of its full income, it will owe an additional payment to cover a minimum of 20 percent.” The document also stated that the tax “will eliminate the possibility that the unrealized income of extremely high net worth households will remain tax-free for decades or generations”. GET FOX BUSINESS IN ENGINE BY CLICKING HERE Biden speaks to reporters as he walks to Marine One in the White House South Lawn, Dec. 15, 2021 in Washington, DC. ((Photo by Drew Angerer / Getty Images)) In addition, the document claimed that the minimum income tax “will make America’s tax code fairer and reduce the deficit by about $ 360 billion over the next decade.” “In fact, the billionaire minimum income tax payments are an advance payment of the tax liabilities that these households will have when they later realize their profits,” the document said. “This approach means that richer Americans pay taxes as they go, like everyone else, and it eliminates the ineffective protection of income for decades or generations.” Biden’s budget for 2023 is expected to be made public on Monday.
