President Joe Biden is proposing a new “Billionaire Minimum Income Tax” as a way to raise additional funds for the U.S. Government.
Let’s go over everything you need to know about this new tax and who it affects.
- Despite being called a billionaire tax, this would actually hit anyone with assets worth at least $100 million.
- That means it would affect roughly 30,000 families, as well as the roughly 700 billionaires in the country.
- A big focus on the tax is going after assets that have yet to be sold.
- Basically, that means those above the $100-million threshold could have gains on assets taxed even if they haven’t been realized yet.
- With some 160 million families filing taxes each year, this would only have the tax applying to about 0.01% of the population.
- The tax would place a 20% minimum on those it hits.
- The idea here is that it would keep anyone holding more than $100 million in assets from paying less in taxes than the average U.S. family.
- That includes those that inherit assets, which aren’t taxed until those gains are realized.
- This opens up the ability of the U.S. Government to collect money from inherited assets without directly introducing a new inheritance tax.
- President Biden has high hopes for the Billionaire Minimum Income Tax with it potentially raising some $361 billion over a period of 10 years.
- That would help kick start his infrastructure plan that ran into roadblocks earlier this year.
Investors on the lookout for more stock market news from Tuesday are in luck!
We’ve got all the most recent stock market coverage that traders need to know about today! That includes Tesla (NASDAQ:TSLA) stock dividend talk, Snowflake (NYSE:SNOW) stock news, as well as PayPal (NASDAQ:PYPL) stock opinions. You can find all of this by checking out the following links below!
More Stock Market News for Tuesday
- Does Tesla (TSLA) Stock Pay Dividends?
- Snowflake Stock News: Why Are Investors Bullish About SNOW This Week?
- Is PayPal Stock a Buy? What 5 Wall Street Pros Have to Say About PYPL.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
