United States President Joe Biden will call on Congress to impose a 25 percent minimum tax on billionaires as part of a series of proposed tax hikes on wealthy individuals and corporations, according to a US media report.
Biden’s proposed spending plan would also nearly double the capital gains tax for investment from 20 percent to 39.6 percent, and lift income levies on corporations and wealthy Americans, Bloomberg News reported on Wednesday.
Biden will unveil his budget plan on Thursday amid sharp divisions between Republicans and Democrats on taxes, spending and debt reduction, kicking off what are likely to be fraught negotiations between the White House and a divided Congress.
The spending plan comes as Republicans and the White House are locked in a standoff over raising the debt ceiling, the total amount of money the federal government is allowed to borrow, amid a $31 trillion national debt.
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