US President Joe Biden’s budget proposal to Congress will include a 25% tax on billionaires as well as increased rates for wealthy investors and corporations, according to Bloomberg. The plans are set to be unveiled during Biden’s visit to the swing state of Pennsylvania on Thursday.
In addition to the “25% minimum tax” on billionaires, the plan would nearly double the capital gains tax rate for investment to 39.6% from 20%, as well as raising income levies on corporations and wealthy Americans, Bloomberg reported, citing a White House official “familiar with the proposal.” The corporate tax rate would rise to 28% from 21%, which would undo a “signature Trump tax change,” the report noted.
The proposals would appear to have little chance of passing Congress, given that Biden failed to push through similar plans even before the Democrats lost control of the House of Representatives in November’s midterm elections.
The speaker of the House, Republican Kevin McCarthy,…
