President Biden renewed a proposal during the Feb. 7 State of the Union address to impose a 20% minimum tax on billionaires. In a typical year, the average billionaire pays only 8% in taxes, according to a White House fact sheet. This minimum tax would help ensure that the wealthiest Americans don’t pay a tax rate lower than teachers and firefighters, Biden argued. The minimum tax would cover income as well as unrealized gains on assets such as stocks and bonds. However, so long as Republicans control the U.S. House, this proposal is unlikely to move forward.
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