President Biden will call for the tax on corporate stock buybacks to quadruple in his State of the Union address on Tuesday.
US President Joe Biden will revive his plan for a new minimum tax on billionaires and call for a bigger tax on corporate stock buybacks during his State of the Union address on Tuesday.
He will renew his call for Congress to pass legislation to ensure America’s richest households pay a minimum of 20% tax on income, according to a White House preview of the speech. It would also cover unrealized gains on investments from assets like stocks and bonds.
«This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters,» the White House said in the fact sheet. It added that in a typical year, billionaires enjoy a tax rate of 8%.
But the Biden administration’s push for higher taxes on households worth $100 million or more — first floated in March last year — is likely to falter in the face of opposition from Republicans, who control the House of Representatives.
