WASHINGTON — President Joe Biden intends to propose a minimum tax of 20% on households worth more than $100 million and to cut projected budget deficits by more than $1 trillion over the next decade, according to a fact sheet released Saturday by the White House budget office.
The introduction of the minimum tax on the wealthiest Americans would represent a significant reorienting of the tax code. It would apply to the top 0.01% of households, with half of the expected revenue coming from households worth $1 billion or more. The minimum tax would prevent the wealthiest sliver of America from paying lower rates than middle-class families, while helping to generate revenue to fuel Biden’s domestic ambitions and keep the deficit in check relative to the U.S. economy.
In his proposal, expected to be officially announced Monday, the lower deficits also reflect the economy’s resurgence as the United States emerges from the pandemic….
