President Joe Biden, according to multiple reports, will propose a “Billionaire Minimum Income Tax” as part of his 2023 budget. It is being noticed that headlines describing the tax plan, using the word “billionaire,” are inconsistent with its reported range, which goes beyond billionaires to affect “all American households worth more than $100 million.”
$100m = $1b? Both WP and NYT feature inaccurate headlines — the NYT version is actually self-contradicting — on the new Biden tax proposal. https://t.co/5wleb19Fb0 and https://t.co/73asiF97jD pic.twitter.com/PTLlWfXd7s
— Byron York (@ByronYork) March 27, 2022
1. Unconstitutional
2. Impossible
3. How is it a billionaire tax rate if it kicks in at the $100 million mark? That's literally 10% of $1 billion https://t.co/xlEDnIchhi— Tristin Rice (@tristin_rice) March 27, 2022
The New York Times story headline reads, “Biden to include minimum tax on billionaires in budget proposal.” Similarly, the Washington Post headlines its story, “President Biden to unveil new minimum tax on billionaires in budget.”
An excerpt from the Post story illustrates the contradiction: “The “Billionaire Minimum Income Tax” plan under President Biden would establish a 20 percent minimum tax rate on all American households worth more than $100 million.”
The White House will unveil a new minimum tax targeting billionaires as part of its 2023 budget Monday, proposing a direct tax on the richest 700 Americans for the first time. https://t.co/2zPHSK028S
— The Washington Post (@washingtonpost) March 26, 2022
Biden to propose minimum tax on billionaires in budget https://t.co/XOfUBLNG6g pic.twitter.com/zFM3V6OZne
— The Hill (@thehill) March 27, 2022
The “billionaire minimum income tax”, an element of Biden’s budget for 2023, would impose a 20% minimum tax rate on Americans worth more than $100 million, the top 0.01% https://t.co/tfZirP6PqJ
— The Times (@thetimes) March 27, 2022
If details of the reports are accurate, the direct effect of the ‘Billionaire Minimum Income Tax’ proposal from the Biden administration will extend beyond billionaires to all households worth more than $100 million. That is not to mention the indirect effect such a tax would have upon households of all income levels.
Join the conversation as a VIP Member