According to Law360, Minimum taxes would be imposed on billionaires and wealthy corporations under President Joe Biden's fiscal 2023 budget proposal, released Monday, which he said would ensure the rich pay their fair share of taxes.
Biden's budget proposes to crack down on sophisticated tax planning used by the wealthy to avoid paying federal taxes by imposing a minimum rate of 20% on taxpayers with incomes exceeding $100 million. The budget also proposes raising the corporate tax rate to 28% — reversing the cut that businesses received in the GOP's 2017 tax overhaul law and curbing the use of tax havens by multinational corporations that attempt to undercut a global minimum tax rate.
Shalanda Young, chief of the Office of Management and Budget, told reporters the budget would reduce the federal budget deficit by $1.3 trillion this year without raising taxes on those earning less than $400,000 annually.
The Bottom Up And Middle Out And Invest In
American People, And That We Can Do It In A Smart,
Fiscally Responsible Way," Young Said.
The president's annual submission to Congress marks the start of negotiations between the White House and lawmakers to set spending and tax priorities for the federal government beginning this October. Biden signed the fiscal 2022 budget this month after a series of stopgap funding bills that kept the government operating at the previous year's spending levels.
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