President Biden Wants a Billionaire Minimum Tax

The wealth tax in President Biden’s budget proposal and similar “tax the rich” efforts in some states is sparking debate over how much tax billionaires and millionaires should pay.

unequal pay on scale for wealth tax story
(Image credit: Getty)

The Biden administration released its $7.3 trillion  FY25 budget, and President Biden is again proposing as he did last year, to levy higher taxes on billionaires. During his State of the Union address Thursday night, Biden emphasized the need to raise taxes on the wealthiest taxpayers, an approach that some states have also already adopted or proposed.

So, while tax season is here and most are trying to owe the IRS as little as possible, the wealth tax debate is heating up again. Are billionaires and millionaires paying their “fair share”? 

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Kelley R. Taylor
Senior Tax Editor, Kiplinger.com

As the senior tax editor at Kiplinger.com, Kelley R. Taylor simplifies federal and state tax information, news, and developments to help empower readers. Kelley has over two decades of experience advising on and covering education, law, finance, and tax as a corporate attorney and business journalist.