Biden budget seeks minimum tax on households worth $100m

By JOSH BOAK
Associated Press

WASHINGTON (AP) — 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. That’s according to fact sheets released Saturday by the White House budget office. In his proposal expected Monday, the lower deficits reflect the economy’s resurgence as the United States emerges from the pandemic, as well as likely tax law changes would raise more than enough revenue to offset additional investments planned by the Biden administration. It’s a sign that the government’s balance sheet will improve after a historic burst of spending to combat the coronavirus.