What the top US billionaires would owe under Biden’s new tax plan

Posted on AllSides March 28th, 2022
From The Center
REUTERS/JONATHAN ERNST

For years some of the wealthiest Americans have paid little to no federal income tax thanks to US laws that don’t recognize unrealized gains, such as stocks or property, as taxable income. Amazon CEO Jeff Bezos paid no federal income tax in 2007 or 2011, a 2021 ProPublica investigation found, while Tesla CEO Elon Musk did the same in 2018.

US president Joe Biden wants to reform the system by introducing a minimum tax on billionaires that he unveiled today (March 28) as part of a budget proposal for the next fiscal year. Under...

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