President Biden intends to propose a minimum tax of 20% on households worth more than $100 million and cut projected budget deficits by more than $1 trillion over the next decade.
WASHINGTON — President Joe Biden intends to propose a minimum tax of 20% on households worth more than $100 million and cut projected budget deficits by more than $1 trillion over the next decade, according to a fact sheets released Saturday by the White House budget office.
The fading of the pandemic and the growth has enabled the deficit to fall from $3.1 trillion in fiscal 2020 to $2.8 trillion last year and a projected $1.4 trillion this year. That deficit spending paid off in the form of the economy expanding at a 5.7% pace last year, the strongest growth since 1984. But inflation at a 40-year high also accompanied those robust gains as high prices have weighed on Biden’s popularity.
Republican lawmakers have said that the Biden administration’s spending over the past year has led to greater economic pain in the form of higher prices. The inflation that came with reopening the U.S. economy as the closures from the pandemic began to end has been amplified by supply chain issues, low interest rates and, now, disruptions in the oil and natural gas markets because of Russia’s invasion of Ukraine.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
President Joe Biden to propose new 20% minimum billionaire taxPresident Joe Biden is expected to propose a new minimum tax that would largely target billionaires, according to a document obtained by CNBC.
Leer más »
Russia should be kicked out of G-20, Biden says in BrusselsPresident JoeBiden didn't hesitate when asked if Russia should be removed from the G-20 — the answer is yes, though the call isn't Biden's to make.
Leer más »
Biden to Propose 20% Minimum Tax on Billionaires in Budget PlanPresident Joe Biden intends to propose a minimum tax of 20% on households worth more than $100 million and cut projected budget deficits by more than $1 trillion over the next decade.
Leer más »
Our Favorite Headphones and Earbuds for $100 or LessYou can probably fill Foxconn City with all the cheap headphones out there. We're here to help you pick the right pair.
Leer más »