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Biden's $7.3T Budget Sets Up Tax Fight With Trump
News March 11, 2024 at 02:18 PM
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What You Need To Know
- New services, middle-class tax breaks and price controls would be funded by higher taxes on the wealthy and corporations.
- The budget imposes a minimum tax on billionaires — including on unrealized capital gains — of 25%, which would bring in an estimated $500 billion in tax revenue over the next decade.
- It proposes taxing capital gains at the same rate as wages for those making more than $1 million.
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