White House Now Aiming to Raise Taxes on Billionaires

High taxes have always been a mainstay of the left’s platform.

Democrats have repeatedly claimed that raising taxes on the wealthiest will alleviate all of society’s economic inequities. Nonetheless, this never quite works out in one way or another.

When rich Americans pay high taxes, the burden is eventually transferred down the economic food chain in some fashion. As a result, when landlords face increased property taxes, tenants typically have to pay more in rent money.

The White House is currently considering bringing forward a minimum tax rise for billionaires.

The Biden administration plans to advocate for a bare minimum of 20% income tax on the country’s wealthiest residents in the US budget for 2023.

If Biden has his way, only households with a network worth at least $100 million will be affected by the minimum tax rise.

According to reports, this new tax rate is intended to ensure that firefighters and teachers do not have to pay higher taxes than billionaires.

Because the Biden administration has set a minimum tax rate of 20%, there’s a good chance the final tax rate will be substantially higher if this proposal becomes law.

Proponents of Biden’s proposed tax increase on billionaires argue that it will result in large sums of money being raised over a long period of time.

Nevertheless, given the president’s constant assertions that his initiatives are paid for, it’s unclear what’s fueling the campaign for greater taxes.

It all comes down to squeezing as much money as possible from the American people. According to Biden, this will allow him to pay for all of the spending initiatives he wants to pass while falsely claiming they won’t increase the deficit.

If a minimum 20% income tax rate on billionaires is established and implemented, Americans may expect this to trickle down to the middle and lower classes.