Economic News

Joe Biden’s US Billionaire Tax was Criticized in US

Joe Biden’s US Billionaire Tax was Criticized in the US

The new billionaire tax scheme that will help the social services and climate change plan of President Joe Biden was not welcomed by billionaires. People and some democrats gave importance to the original plan of US tax rates that is running currently in the country for corporations and wealthy individuals.

Congress has wrapped up the agreement on the package for these two concerns this week as per the president and the money collected by billionaires through tax is expected to be at least or higher than USD 1.75T. Biden is happy to do the tax collection as he thinks that this will bring a positive change to the nation’s image on the global scale. The president released the statement before visiting the overseas global summits.

As per Biden, the new tax will only hit the wealthy, meaning those individuals who are earning more than USD 400,000 a year. The law will be separate for the couples and will require cutting of USD 450,000. As per the white house reports, the new idea of taxing will focus on the assets of billionaires and associations to allow them to pay for at least 15% of minimum tax. This new law will make wealthy parties pay a fair share out of their earnings.

Billionaires’ tax was changed from the old bill that was discharged in the year 2019 that treated assets as income. Also, 3% will be charged to ultra-rich individuals as a surtax.

Democrats expected Biden will promise development-related quotes to people this week but things went a different way. Along with the plan, the government has to meet the deadline of Oct 31 that will include the passing of USD 1T for road, broadband, and other public works packages before the funds expire.

With all the controversies, the Biden package is seen to be at least of a budget like USD 1.75T as per a private person.