Biden tells billionaires ’just pay your fair share’ as he proposes 25% tax hike

President Joe Biden’s proposed U.S. government budget would raise tax receipts by $ trillion over ten years, including more than $2.7 trillion in tax hikes on businesses and nearly $2 trillion on wealthy individuals and estates, the U.S. Treasury said on Monday (March 11). The tax increases are part of Biden’s election-year budget wish list, which also includes new programs to assist low- and middle-income Americans with high housing and childcare costs and aims to cut the deficit. Congress is likely to discard the proposals, but the document forms a central campaign message for Biden. The Treasury estimated that provisions to raise taxes on wealthy individuals, new rules for estate transfers, and limiting high-income individuals’ use of tax-advantaged retirement accounts would raise $ trillion. That total includes Biden’s “billionaire tax,“ which would impose a 25% minimum tax on individuals with wealth of over $100 million. The