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President Joe Biden's proposed new "billionaire's tax" would dramatically increase taxes for United States' households "worth" more than $100 million, but critics say its expansion in defining "income" will affect more than just 700-800 billionaires, such those above, and Republicans say it is a gimmick to boost Democrats' 2022 midterm prospects. AP/Getty Images
President Joe Biden’s proposed “billionaire tax” may sound good to many voters, but it is fraught with vagaries that could redefine—and expand—the nation’s tax code, according to first-look analyses across a range of publications and sites, from The Wall Street Journal to the Heritage Foundation.
The tax proposal was included within Biden’s $5.8 billion Fiscal Year 2023 budget request to Congress.
John Haughey is an award-winning Epoch Times reporter who covers U.S. elections, U.S. Congress, energy, defense, and infrastructure.
Mr. Haughey has more than 45 years of media experience. You can reach John via email at [email protected]
