Please ensure Javascript is enabled for purposes of website accessibility
Experts Question the Feasibility of Biden's 'Billionaire Tax' Proposal
News
By News
Published 1 year ago on
April 8, 2024

Biden's "billionaire tax" aims to impose a 25% minimum tax on Americans with over $100 million in assets, sparking debate. (AP File)

Share

Getting your Trinity Audio player ready...

President Biden’s proposal to impose a minimum 25% tax on Americans with assets over $100 million, known as the “billionaire tax,” has been met with skepticism from experts.

The tax, which would affect the 10,700 wealthiest Americans, is expected to generate around $400 billion over a decade. However, critics argue that the plan is impractical and challenges the fundamental principle of the U.S. tax code, which differentiates between income and wealth generated through valuation growth.

Peter Ferrigno, director of tax service at Henley & Partners, questioned the proposal, saying, “When you start taxing unrealized gains rather than realized gains, you’re going down a very slippery slope.”

He also pointed out that the U.S. already has the alternative minimum tax (AMT), a system that sets a minimum tax payment for high-income individuals, suggesting that an update to the AMT would be sufficient.

Despite the criticism, a recent poll showed that 70% of American voters support raising taxes on billionaires. Biden believes that the revenue generated could be used for various purposes, including reducing the deficit and providing for childcare and healthcare.

Read more at Yahoo Finance.

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

Trump Says Putin May Not Want Peace and May Need to Be ‘Dealt With Differently’

DON'T MISS

Is It Bad to Chew Gum All Day?

DON'T MISS

Dollar Doubts Dominate Gathering of Global Economic Leaders

DON'T MISS

US Judge Temporarily Stops West Texas Immigrant Deportations Under Alien Enemies Act

DON'T MISS

Shedeur Sanders’ Long Wait Ends When Browns Take Him in the 5th Round of the NFL Draft

DON'T MISS

Only About Half of Republicans Say Trump Has Focused on the Right Priorities

DON'T MISS

ICE Deports the Mother of an Infant and a 2-Year-Old Who Is a US Citizen

DON'T MISS

Israeli Airstrike Kills 10 People, Half of Them Children

DON'T MISS

Shedeur Sanders Is Still Waiting for a Call as the NFL Draft Enters the Final Day

DON'T MISS

Israel’s AI Experiments in the War in Gaza Raise Ethical Concerns

UP NEXT

Is It Bad to Chew Gum All Day?

UP NEXT

Dollar Doubts Dominate Gathering of Global Economic Leaders

UP NEXT

US Judge Temporarily Stops West Texas Immigrant Deportations Under Alien Enemies Act

UP NEXT

Shedeur Sanders’ Long Wait Ends When Browns Take Him in the 5th Round of the NFL Draft

UP NEXT

Only About Half of Republicans Say Trump Has Focused on the Right Priorities

UP NEXT

ICE Deports the Mother of an Infant and a 2-Year-Old Who Is a US Citizen

UP NEXT

Israeli Airstrike Kills 10 People, Half of Them Children

UP NEXT

Shedeur Sanders Is Still Waiting for a Call as the NFL Draft Enters the Final Day

UP NEXT

Israel’s AI Experiments in the War in Gaza Raise Ethical Concerns

UP NEXT

Paul Skenes Strikes Out 9, Wins Duel With Yamamoto in Pirates’ Victory Over Dodgers

US Judge Temporarily Stops West Texas Immigrant Deportations Under Alien Enemies Act

5 hours ago

Shedeur Sanders’ Long Wait Ends When Browns Take Him in the 5th Round of the NFL Draft

5 hours ago

Only About Half of Republicans Say Trump Has Focused on the Right Priorities

8 hours ago

ICE Deports the Mother of an Infant and a 2-Year-Old Who Is a US Citizen

8 hours ago

Israeli Airstrike Kills 10 People, Half of Them Children

8 hours ago

Shedeur Sanders Is Still Waiting for a Call as the NFL Draft Enters the Final Day

8 hours ago

Israel’s AI Experiments in the War in Gaza Raise Ethical Concerns

8 hours ago

Paul Skenes Strikes Out 9, Wins Duel With Yamamoto in Pirates’ Victory Over Dodgers

9 hours ago

Eovaldi Outlasts Verlander as Rangers Beat Giants

9 hours ago

Rams Take Oregon Tight End Terrance Ferguson in Second Round After Trading Out of First

9 hours ago

Trump Says Putin May Not Want Peace and May Need to Be ‘Dealt With Differently’

President Donald Trump said Saturday that Russia’s escalating bombardment of Ukraine had left him concerned that Russia did not want to end ...

3 hours ago

3 hours ago

Trump Says Putin May Not Want Peace and May Need to Be ‘Dealt With Differently’

4 hours ago

Is It Bad to Chew Gum All Day?

4 hours ago

Dollar Doubts Dominate Gathering of Global Economic Leaders

5 hours ago

US Judge Temporarily Stops West Texas Immigrant Deportations Under Alien Enemies Act

5 hours ago

Shedeur Sanders’ Long Wait Ends When Browns Take Him in the 5th Round of the NFL Draft

8 hours ago

Only About Half of Republicans Say Trump Has Focused on the Right Priorities

8 hours ago

ICE Deports the Mother of an Infant and a 2-Year-Old Who Is a US Citizen

8 hours ago

Israeli Airstrike Kills 10 People, Half of Them Children

Help continue the work that gets you the news that matters most.

Search

Send this to a friend