President Joe Biden on Thursday proposed a minimum tax on billionaires and an almost tripling of corporate taxes as part of a revenue overhaul in his proposed new budget, which is certain to be rejected by Republicans in Congress.
The White House said Biden wants a minimum 25 percent tax on the wealthiest few Americans. The corporate tax would increase significantly to 28 percent, reversing a huge tax cut enacted under president Donald Trump in 2017, the White House said.
