The 400 richest American families paid a meager income tax of just 8.2% between 2010 and 2018, and they also have a number of incomes that come from non-taxable sources. The latest data from the Biden administration also shows that in the final year of the analysis, the families involved had at least $2.1 billion in assets.
The government is paying close attention to changes in tax laws that would force the wealthy to pay their ‘fair share’, i.e. CBS. They propose raising the current tax rate of 37 percent for the wealthy to 39.6 percent, but also raising the tax rate of 20 percent for families earning more than $1 million to 39.6 percent. They also urged that the wealthy in the future should not be able to leave their earnings to their heirs.
However, even Democrats disagree about the new legislation: In a bill introduced last week, lawmakers propose raising the highest rate of capital gains from 20 percent to just 25 percent and imposing a 3 percent surcharge on individuals who earn more than a dollar. 5 million total annually. However, it is not yet known whether the tax will be levied only on traditional income or on capital investment. However, the proposal will not increase taxes for those who earn less than $400,000 a year. Of the tax type, Democrats expect about $127 billion in additional revenue in 10 years.
Biden also highlighted their main task with the new bill to prove to the American people that government works for them, not for the wealthy.
As mentioned earlier in our paperWorld finance ministers have been working for months to come up with a plan by the October deadline to end the downward trend in corporate taxation. The proposal is part of US President Joe Biden’s tax reform to fund his nearly $2,000 billion investment package — at least in part. More than 130 countries have already agreed to introduce a global minimum tax of at least 15 percent, and are also negotiating a change in the distribution of tax rights. Currently, Orbán’s government is challenging the proposal for a minimum global corporate tax, which would negatively affect Hungary’s competitiveness.
