Connect with us


Biden’s Big New Wealth Tax



(AP Photo/Patrick Semansky)
Share with friends


So much for President Biden’s pivot to the political middle. The fiscal 2023 budget he unveiled Monday re-proposes most of the bad ideas that haven’t passed Congress and adds a new one—a tax on wealth that he refused to endorse as a candidate in 2020. On the economy, he’s pivoting further left—presumably to fire up sullen progressives in November.

The White House is proposing a new “billionaire minimum income tax,” which the Federal Trade Commission would call false advertising if a private company tried that description. The tax isn’t limited to billionaires and it applies to more than income.

The Administration says the tax would apply only to the top 0.1%—meaning hundreds of successful entrepreneurs and small business owners who accumulated wealth over decades through innovation and hard work. But these new taxes always start out applying to a few and then spread to millions.

Read more from The Wall Street Journal

Continue Reading
Advertisement GVwire