More details were released on March 28 about the proposed “Billionaire Minimum Income Tax.” This is the tax included in President Biden’s 2023 budget, but Congress would have to agree to any budget proposals before they could be enacted. By targeting the top 700 U.S. taxpayers, the White House said the tax would “ensure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.” If passed, it could add $360 billion in tax revenue over 10 years. Other items proposed in the White House budget would raise the corporate tax rate from 21% to 28%; provide the IRS with an 18% increase in funding; add $50 billion in low-income housing tax credits; and more.
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