President Biden has proposed a new 20% “billionaire tax” for his 2023 budget.
Here’s a dumb question: given that (a) it targets the uber rich (b) the current top personal income tax rate is 37% starting at over $540.000… why is the billionaire rate only 20%? Wouldn’t 37% be more just - to say the least? Better yet, shouldn’t there be an even higher bracket - say, 50% ?
After all, 22% tax is levied on those with income over just $40.500. Not exactly members of the Billionaire’s Club..