Biden proposes 20% tax on households worth over $100 million

White House Council of Economic Advisers Heather Boushey joins Yahoo Finance to break down Biden’s 2023 fiscal budget, which includes a proposed 20% tax on billionaires.

Video Transcript

- President Biden has unveiled his new budget proposal for 2023, focusing on reducing the deficit. Among the provisions in the proposal, a 20% minimum tax aimed at the richest Americans. HEATHER BOUSHEY: President Biden has been committed to fiscal responsibility and certainly is committed to this in this budget. And yet we know that those at the top have not been paying their fair share. And so what this budget aims to do is to implement a minimum tax on billionaires. There was some research that we at the Council of Economic advisors did with the Office of Management and Budget last year, that showed that of the Forbes top 400, they were only paying about 8% of their income in taxes over the past decade. Well, we can fix that. If you're in the top 0.01% with assets over $100 million, you're going to need to pay 20% of that income in taxes. And so in putting this in place, we really will make sure that it's a fair tax system, a more progressive system, and that those at the top are doing their part to ensure the solvency of the American budget.