Billionaires in the US debate tax

US President Joe Biden is calling for a 25 percent minimum tax for billionaires in his budget proposal that he is preparing to submit to Congress. US President Joe Biden is calling for a 25 percent minimum tax for billionaires in his budget proposal that he is preparing to submit to Congress and is expected to be announced later today, according to a White House official familiar with the matter. The plan also calls for nearly doubling the capital gains tax rate for investment from 20 percent to 39.6 percent and increasing income taxes on corporations and wealthy Americans. The proposal, which is largely a rehash of Biden’s multitrillion-dollar Build Back Better economic package, has little chance of passing in Congress, especially considering that Republicans control the House of Representatives. Biden failed to pass a similar proposal when Democrats controlled both the Senate and the House of Representatives.