US Biden Administration Reintroduces 'Billionaire Tax'... "Minimum 20% Income Tax Rate Required"

President Joe Biden of the United States
[Photo by Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] The Biden administration in the United States is planning to bring back the "billionaire tax," which was scrapped last year, according to foreign media including The Washington Post (WP) on the 27th (local time).

WP reported, citing sources and White House documents, that on the 28th, when the U.S. government unveils the 2023 budget proposal, it will propose a "minimum income tax on billionaires" to Congress.

The so-called billionaire tax targets the wealthy with assets exceeding $100 million (approximately 120 billion KRW), imposing a minimum tax rate of 20% on their income. It also applies taxation on unrealized gains from assets such as stocks and bonds.

The White House expects that if the billionaire tax is implemented, it will generate up to $360 billion (about 440.6 trillion KRW) in additional revenue over the next 10 years.

For the billionaire tax to be enacted, approval from the U.S. Congress is required. Last year, the Democratic Party pushed for the billionaire tax to fund the Biden administration’s social infrastructure bill, but it failed due to opposition from the Republican Party.

This content was produced with the assistance of AI translation services.