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Joe Biden's Proposal to Leave a Toll on the Wealthiest in US!

By:  Tupaki Desk   |   29 March 2022 10:02 AM GMT
Joe Bidens Proposal to Leave a Toll on the Wealthiest in US!
United States President Joe Biden had presented the 2023 Budget in the house the other day, which marked his first budget after he rose to power in the highly intense United States Presidential elections. There were many expectations and hopes about what Joe Biden will offer in his budget.

Taking everyone by surprise, Joe Biden had come up with a proposal on tax payment and the proposal is expected to impact the wealthy people in the country. It's interesting to know how the proposal will be seen by the house of representatives.

The United President’s proposal says that wealthy people who possess more than $100 million will have to pay as much as 20 percent of the income they can in a calendar year. This might raise many eyeballs. The category mentioned by Joe Biden falls under ultra-rich households.

Reports say that Joe Biden got to know that the wealthy people are paying very fewer taxes and the taxes they pay are less compared to the professionals like teachers and firefighters. Eyeing to get a big amount in the treasury, the proposal was brought.

If everything goes well as per the plan, the United States treasury might see as much as more than $360 billion in the coming ten years. This is a long-term goal. Seeing that the wealthy people who have been getting a tax exemption all these years are not making any investments here to provide employment opportunities, Joe Biden had reportedly taken the decision.

The local American media said that the Joe Biden administration is not happy with the fact that many wealthy people saw their wealth going up in the past two years and despite this, they are paying less tax. To counter this, the “billionaire minimum income tax” proposal was made.

If the proposal gets implemented, then the wealthy people have to provide an account of their business and how their fortunes went up in the calendar year. Based on the fortunes they got, they have to pay a tax amount of 20 percent. If the government finds out that a household is not paying the tax then the household has to pay the tax along with the prescribed fee.