Joe Biden will call on Congress to introduce a new minimum tax targeting the investment income of the wealthiest Americans as part of a new budget proposal.
In a statement released on Saturday, the White House said Biden’s plan would require US households worth over $100mn to pay a minimum 20 per cent tax on all income, including unrealised income from investments such as stocks and bonds.
The White House said the tax would affect only 0.01 per cent of US households, hitting those worth more than $100mn. More than half of the revenue would be raised by those worth more than $1bn.
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