President Joe Biden announced his plans to increase taxes on billionaires in the United States.
Speaking at a public gathering on Tuesday, the President made it clear that he intends to raise taxes on the wealthiest Americans, stating that they will no longer be able to pay as little as 3% in taxes.
Highlighting the fact that the number of billionaires in the country has increased from 600 to over 1,000 in recent years. President Biden said that it was unfair for billionaires to pay a lower tax rate than essential workers such as police officers, school teachers, and nurses.
The President’s proposal includes increasing the top tax rate for those earning over $400,000 a year, as well as increasing the capital gains tax for those earning over $1 million annually.