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In 2023 the United States could implement a new income tax collection.
This would impact the richest and most powerful families in the country, by 20 percent more.
Biden’s budget initiative is awaiting approval by Congress.
Joe Biden once again raised the creation of a new income tax for Americans who amass fortunes of more than 100 million dollarsa proposal that he presented today to the Congress of his country as part of the 20223 Budget.
The President of the United States stated that with this initiative a new maximum tax ceiling would be set, that is, families with the highest purchasing power would collect 20 percent more than what any average citizen pays.
The budget initiative for fiscal year 2023, which begins next October, is 5.79 billion dollars, compared to 5.85 billion spent in 2022.
Joe Biden’s new tax
The Government of the American Joe Biden proposed a new tax of 20 percent for the richest citizens of the country, as well as a greater investment to the defense authorities.
“(The administration) is on track to reduce the federal deficit by more than $1.3 trillion this year.”in what is “the largest annual deficit reduction in US history.”
“This is a direct result of my Administration’s strategy to bring the pandemic under control and grow the economy from the bottom up and from the middle out,” said the US president.
However, increasing the tax on corporations, from 21 to 28 percent, is a proposal that has generated controversy and opposition in the moderate wing of the Democrats in Congress, contemplating a new charge, minimum of 20 percent, for men and women with fortunes greater than 100 million dollars.
And it is that the new tax implies that the richest people pay extra on their “full income”, from their traditional income to the unrealized or due to the increase in the value of shares. This means that the Income Tax (ISR) that is charged in the United States would now be extended, for example, on the sale of shares.
According to the ProPublica organization, Jeff Bezos, Elon Musk and Warren Buffet paid 1.5 billion dollars in Income Tax from 2014 to 2018; now, if the initiative is approved, they would pay at least 111,000 million dollars in income tax over the next nine years, that is 100 times more.
prepared for war
In conjunction with the invasion of Ukraine, the President of the United States, Joe Biden, made an expected budget maneuver, since he increased the national defense item with 31 billion dollars for new emerging spending, which adds up to the 813 billion dollars destined for the protection of the country.
However, within this same section, 7 billion dollars will be allocated for NATO and for the reinforcement of the eastern flank that impacts the alliance of European and North American countries in the face of Russian attacks.
So that it does not coincide with legislative elections, in November, the initiative is sent in advance to the US Congress, where the Executive hopes that it will be approved without setbacks.
“In effect, payments of the Minimum Income Tax for Billionaires are an advance payment of the tax obligations that these households will owe when they later realize their earnings.”
“This approach means that the wealthiest Americans pay taxes as they go, just like everyone else, and eliminates inefficient income protection for decades or generations.”, the White House said.
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