President Biden says his ‘Billionaire Minimum Income Tax’ would raise $360 billion. How does it work?

Photo: President Joe Biden… Photo credit: AP Photo / Patrick Semansky. The Associated Press. Article by Fatima Hussein and The Associated Press. Fortune – March 29, 2022.

A “Billionaire Minimum Income Tax” is included in President Joe Biden’s fiscal year 2023 budget proposal — part of the administration’s effort to reduce the federal deficit over the next decade and fund new spending. The proposal “eliminates the inefficient sheltering of income for decades or generations,” the White House says. During a press conference highlighting the budget on Monday, Biden said one-hundredth of 1% of Americans would be subject to the tax. […]

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