White House Announces Drastic Tax Increase

The Biden administration’s extreme tax proposal aimed at the wealthiest is on track to have Americans pay the highest income taxes in the industrialized world.

The president’s budget proposal aims to raise taxes on the wealthy by a large amount.

The proposal, according to the independent Tax Foundation, is to raise individual and corporate taxes to the highest level in the industrialized world.

According to reports, the proposed budget will hike the average top tax rate on personal income to 5.4 percent, making it the highest among the 38 nations that make up the Organization for Economic Cooperation and Development.

The Billionaire Minimum Income Tax, according to the concept, would levy a minimum of 20% tax on everyone with a net worth of more than $100 million.

If billionaires fail to pay this tax, they will be subject to a top-up payment, which will require them to pay a considerable sum to make up for the losses.

The White House is relying largely on billionaires to pay the tax infrastructure under this proposal; taxes collected by the country’s nearly 700 billionaires would account for more than half of all taxes collected by the government.

In a similar vein, Biden is considering raising the business tax rate from 21% to 28%. Aside from that, he is attempting to enact a worldwide minimum tax rate that is intended to target tax haven countries.

Senator Krysten Sinema, a moderate, has already declared that she will not support a corporation tax increase. Senator Joe Manchin of West Virginia is expected to follow suit.

RELATED ARTICLES

US Launches Firestorm of Missile Strikes

Around 500,000 people have died in the 12 years that the Syrian War has been raging. Since 2015, US Military, including military...

School Shooter Leaves At Least 3 Kids Dead At Nashville Elementary School

A single gunman opened fire inside a Nashville elementary school, causing tragedy to break out. There are currently little facts, although it...

Insect-Linked Illness Is Spreading Across the US

The ability of some ticks to transmit the bacterium that causes Lyme disease to humans is widely known. The small insects can...

Top Biden Diplomat Steps Down Suddenly

President Joe Biden proposed Karen Donfried for the position of assistant secretary of state for European and Eurasian affairs months after he...

US Citizen Abducted 6 Years Ago Freed

Jeffery Woodke, a Christian aid worker from the United States, was kidnapped by Islamic militants in Niger in October 2016. The US...

KJP Buckles After Doocy Grills Her Over China – Linked Payments To Biden Family

Journalist Peter Doocy questioned White House Secretary Karine Jean-Pierre on Wednesday over the Biden family's connection to a Chinese energy firm. KJP...

YOU MAY ALSO LIKE…

LATEST POSTS ON THE DAILY ELEPHANT

Most Recent

US Launches Firestorm of Missile Strikes

Around 500,000 people have died in the 12 years that the Syrian War has been raging. Since 2015, US Military, including military...

School Shooter Leaves At Least 3 Kids Dead At Nashville Elementary School

A single gunman opened fire inside a Nashville elementary school, causing tragedy to break out. There are currently little facts, although it...

Insect-Linked Illness Is Spreading Across the US

The ability of some ticks to transmit the bacterium that causes Lyme disease to humans is widely known. The small insects can...

FBI Allegedly Used “Terrorist” Label on US Vet

In recent years, the FBI has been accused of targeting conservatives. Republicans have accused the FBI of exaggerating the number of domestic...

US Citizen Abducted 6 Years Ago Freed

Jeffery Woodke, a Christian aid worker from the United States, was kidnapped by Islamic militants in Niger in October 2016. The US...

KJP Buckles After Doocy Grills Her Over China – Linked Payments To Biden Family

Journalist Peter Doocy questioned White House Secretary Karine Jean-Pierre on Wednesday over the Biden family's connection to a Chinese energy firm. KJP...