March 31, 2022 - Douglas Myser

White House to tax billionaires. When Candidate Joe Biden ran for office, one of the things he said was that billionaires were not paying a fair share of IRS taxes. He cited statistics and rallied support for the idea behind the large majority of Americans. After dealing with the Covid pandemic initially, the administration finally to propose the candidate's idea into the President's proposal. The White House is proposing a minimum tax on billionaires, in an effort to shore up lagging revenue, which will target the richest 700 Americans for the very first time. The "Billionaire Minimum Income Tax" plan under Biden would establish a 20 percent minimum tax rate on all American households worth more than $100 million, according to sources with knowledge of the document. The majority of the revenue would come from the billionaires in the group. White House to tax billionaires.

President Biden has long favored a tax on the richest Americans, who he views as skirting the tax laws. The Panama Papers, and Pandora Papers scandals, which showed a large number of the wealthiest Americans, sports celebrities, and a few politicians, had parked money in offshore accounts to avoid paying taxes altogether. Given the history of the United States, after World War two, when the tax rate on the wealthiest was nearly 50 % and the nation thrived and the middle class exploded in size, most Americans view this as a just proposal, and one that is long overdue.

The White House Office of Management and Budget and Council of Economic Advisors estimated this fall that 400 billionaires families paid an average of 8 percent in federal tax, which is significantly lower than the rate paid by millions on American families. And yet when those families fall behind on taxes, they have to pursue Tax Relief thru a Tax Resolution firm, something the billionaire class never deal's with. They also sometimes face IRS Wage Garnishment, and the need to explore the IRS Fresh Start Program, which will never be a factor in the lives of the billionaire class. You would think they could at least pay a fair share to support the very people who made them wealthy to begin with.