Biden calls for a 20% minimum tax on billionaires and wants to quadruple corporate stock buybacks surcharge
Per Bloomberg
US President Joe Biden recently gave a State of the Union speech that highlighted how he is calling for a 20% minimum tax on billionaires as well as quadrupling corporate stock buyback surcharges. The White House released an official statement regarding the economic results of the plans, per Bloomberg.
“This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters,”
As explained by Business Insider, this meant that Biden wanted to quadruple the stock buyback surcharge, which currently sits at 1%. The US President renewed his call for legislation to be passed by Congress, which would cover unrealized gains on investments.
This meant that even if the owner did not sell assets like bonds or stocks, they would still be charged on the unrealized gains under the proposed legislation. The statement also mentioned how many billionaires have a tax rate of just 8%.
One thing that Biden is trying to push is for households that are worth $100 million to receive higher taxes. This push was first presented in March 2022.
Biden also wants to change the 1% stock buyback tax, which just recently came into effect. The tax was included in an Act just passed in January called the Inflation Reduction Act.
The White House shared how CEOs and shareholders benefited a lot from profits made in 2022.
"Last year, oil and gas companies made record profits and invested very little in domestic production and to keep gas prices down — instead they bought their own stock, giving all that profit to their CEOs and shareholders,"
This comes as Biden recently said that the risk of recession is now very low and that the US economy is making progress in terms of "economic growth and job creation." The US President also mentioned that his economic plan was showing results.
In 2022, American billionaires lost a total of $660 billion.
See flow at unusualwhales.com/flow.
Other News:
- Biden has said that the risk of a recession in the US is very low
- Global Billionaires Lost Almost $2 Trillion in 2022: American Billionaires Lost $660 Billion
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