William D King Explains the Modality of Taxing the Super-Rich as Envisaged in the New Tax Proposals
The framework for the nearly $2 trillion social and climate spending bill released by the White House makes it very clear that more than half of the finance would be available from the tax reforms covering wealthy citizens of the US says, William D King. Funds would be made available by imposing a tax surcharge on the high-income group earning higher than $10 million per annum, levying higher taxes on high-income business owners, and strengthening tax enforcement by IRS. The proposals targeting wealthy individuals will contribute about $1 trillion of almost $2 trillion revenue target under the Build Back Better Act. A significant chunk to come from personal finance confirms William D King During his speech, President Biden made it clear that his intention is not to punish the high earners but to make them pay their fair share. To support his claim that the new tax proposals were meant only to mop up funds from the high-income group, Biden confirmed that households with annual income not exceeding $400,000 need not pay a single penny extra for… Read More »William D King Explains the Modality of Taxing the Super-Rich as Envisaged in the New Tax Proposals