The White House will unveil a new minimum tax targeting billionaires as part of its 2023 budget Monday, proposing a direct tax on the richest 700 Americans for the first time.
by more than $1 trillion over the next decade, according to a White House document. News of the deficit reduction was first reported by the Associated Press.
“Biden’s proposal really effectively addresses the practical implementation challenges we’ve seen to previous proposals to tax very high income households,” said Jason Furman, a senior economist in the Obama administration.
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