Biden’s “Billionaires Tax” Affects More Than Billionaires


1. President Biden Proposes Massive Tax Increase

2. Understanding President’s So-Called “Billionaires’ Tax”

3. Democrats Favor Eliminating Loopholes in Tax Code

4. What Income Tax Strategies Are Safe Vs. Those At Risk

Overview: President Biden Proposes Massive Tax Increase

In his federal budget for fiscal year 2023 that he unveiled earlier this month, President Biden proposed a huge new tax increase on America’s wealthiest citizens. The administration labeled it the “billionaires’ tax” and promised it would finally bring fairness to our tax code by making the richest Americans pay at least 20% of their wealth gains annually to Uncle Sam.

Historically, the US tax system mandates that citizens pay tax on their income, not their wealth. But Biden and his liberal cronies want to change that and add a 20% tax on your wealth gains. So, if your net worth went up by $100,000 in a given year, you would owe $20,000 on that gain – in addition to the income taxes you paid.