President Biden on Monday proposed raising taxes on the wealthiest Americans and corporations, outlining several initiatives in his 2023 budget aimed at bringing down the federal budget deficit and closing loopholes that allow the rich to lower their tax bills.
The proposals revive elements of Mr. Biden’s economic agenda that have struggled to gain traction in Congress over the last year, including reversing major components of the 2017 tax law that was passed by Republicans and promoting what Mr. Biden has called economic fairness.
The budget calls for a new tax on American households worth more than $100 million, which would require that they pay a rate of at least 20 percent on their income as well as unrealized gains in the value of their liquid assets, such as stocks, which can accumulate value for years but are taxed only when they are sold.
The “Billionaire Minimum Income Tax” would apply only to the top one-hundredth of 1 percent of American households, and over half of the revenue would come from those worth more than $1 billion. The proposal focuses on taxing unrealized capital gains that are built up over years but are taxed only when sold for a profit. The White House estimates that the new tax would raise about $360 billion in revenue over a decade.