The new budget request to Congress includes a 25% minimum tax on the richest 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.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.Go deeper:
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