Joe Biden, the United States President will call on Congress to set a 25 percent minimum tax on billionaires as a component of a series of suggested tax hikes on rich people and enterprises, according to a US media report.
On Wednesday, Biden’s suggested spending program would also almost double the funds gains tax for an asset from 20 percent to 39.6 percent, and expand revenue levies on firms and wealthy Americans, Bloomberg News reported.
On Thursday, Biden will disclose his budget plan amid strong divisions between Republicans and Democrats on taxes, spending, and debt reduction, kicking off what is likely to be fraught negotiations between the White House and a divided Congress.
The spending program comes as Republicans and the White House are sealed in a standoff over increasing the debt ceiling, the total amount of funds the federal government is permitted to borrow, amid a $31 trillion national debt.
Republicans, led by US House of Representatives Speaker Kevin McCarthy, have disputed the ceiling should not be increased without significant spending cuts and have ignored calls for higher taxes. Biden has said his program will cut the debt by nearly $3 trillion over 10 years, mostly through tax gains. Republicans hold a majority in the House, with the Democrats holding the Senate.
