No. of Recommendations: 5
From Reuters, it appears that it is 25% on income, not on assets.
Biden renewed his call for a "billionaire tax" that would impose a 25% minimum tax on income for those Americans with wealth of more than $100 million, saying it would raise $500 billion over 10 years to help fund benefits such as child care and paid family leave.
The average American worker paid about a 25% tax rate in 2022, the OECD reported, opens new tab. Biden said the average tax rate for some 1,000 billionaires was 8.2%, adding: "No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse."
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