Biden to Urge 25% Billionaire Tax, Levies on Rich Investors
- Capital gain rates would nearly double in president’s plan
- Biden seeks to roll back Trump tax breaks on business, rich
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President Joe Biden is proposing a series of new tax increases on billionaires, rich investors and corporations in his latest proposal for how Congress should prioritize taxes and spending.
Biden’s budget request to Congress, which is slated to be released Thursday, calls for a 25% minimum tax on billionaires, according to a White House official familiar with the proposal who declined to be named because the plan is not yet public. The plan would also nearly double the capital gains tax rate for investment to 39.6% from 20% and raise income levies on corporations and wealthy Americans.