Biden tells billionaires just pay your fair share as he proposes 25 tax hike

President Joe Biden s proposed U. S. government budget would raise tax receipts by trillion over ten years, including more than 2. 7 trillion in tax hikes on businesses and nearly 2 trillion on wealthy individuals and estates, the U. S. Treasury said on Monday (March 11). The tax increases are part of Biden s electionyear budget wish list, which also includes new programs to assist low and middleincome Americans with high housing and childcare costs and aims to cut the deficit. Congress is likely to discard the proposals, but the document forms a central campaign message for Biden. The Treasury estimated that provisions to raise taxes on wealthy individuals, new rules for estate transfers, and limiting highincome individuals use of taxadvantaged retirement accounts would raise trillion. That total includes Biden s billionaire tax, which would impose a 25 minimum tax on individuals with wealth of over 100 million. The