Biden to propose 25% billionaire tax

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The Biden administration is set to propose a series of tax increases for wealthy Americans and large corporations, Bloomberg first reported and Axios has confirmed.

Driving the news: The new budget request to Congress, which is to be released on Thursday, includes a 25% minimum tax on the richest 0.01% of Americans.

What we know: The new budget would close a loophole that allows some wealthy investors with “passthrough businesses” to avoid paying tax on their investments.

It would also increase the top tax rate for Americans making $400,000 a year to 39.6% from 37%, reversing a Trump-era tax bill. Additionally, it would raise income levies on corporations and billionaires. The Budget would set the corporate tax rate at 28%, still well below the 35% rate that prevailed prior to the 2017 tax law, according to a White House official.