Category Archives: US taxation

Biden targets America’s wealthiest with proposed minimum tax on billionaires

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Tax on households over $100m aims to ensure wealthiest Americans no longer pay lower rate than teachers and firefighters

Joe Biden proposed a new tax on America’s richest households when he unveiled his latest budget on Monday.

The Biden administration wants to impose a 20% minimum tax on households worth more than $100m. The proposal would raise more than $360bn over the next decade and “would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters”, according to a factsheet released by the White House.

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Republican senator says tax rises in own plan are ‘Democratic talking points’

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Rick Scott of Florida grilled on Fox News Sunday about suggested income tax rise and letting social security and Medicare fall

A Republican senator and reputed presidential hopeful found himself in a tough spot when he claimed tax rises contained in his own “11 point plan to rescue America” were “Democratic talking points” instead.

“No, no, it’s in the plan!” his interviewer exclaimed, on Fox News Sunday. “It’s in the plan!”

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Biden to announce tax on billionaires in 2023 budget plan – report

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President’s ‘tax on richest 700 Americans’ may face opposition from conservative Democrats

Joe Biden is set to announce a tax aimed at US billionaires as part of his 2023 budget plans on Monday in a move that will likely delight many progressives in his party but could meet opposition from conservative Democrats who have already stymied his domestic agenda.

The Washington Post, citing five sources and an internal administration document, said the “billionaire minimum income tax” plan would establish a 20% minimum tax rate on all American households worth more than $100m.

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New York attorney general alleges Trump firm misled banks and tax officials

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Court filing says investigators are seeking to question Donald Trump and his two eldest children

The New York attorney general’s office has told a court that its investigators have uncovered evidence that Donald Trump’s company used “fraudulent or misleading” asset valuations to get loans and tax benefits.

The court filing late on Tuesday said state authorities had not yet decided whether to bring a civil lawsuit in connection with the allegations, but that investigators needed to question Trump and his two eldest children as part of their inquiries.

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Michael Cohen: prosecutors could ‘indict Trump tomorrow’ if they wanted

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New York investigation of Trump Organization is one of a number of sources of legal jeopardy for the former president

Prosecutors in New York could “indict Donald Trump tomorrow if they really wanted and be successful”, the ex-president’s former lawyer and fixer Michael Cohen said on Sunday, discussing investigations of Trump’s business affairs.

Asked if he was “confident you did help Donald Trump commit crimes”, Cohen told NBC’s Meet the Press: “I can assure you that Donald Trump is guilty of his own crimes. Was I involved in much of the inflation and deflation of his assets? The answer to that is yes.”

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Senator behind billionaires tax denounces Elon Musk Twitter poll stunt

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  • Tesla owner offers to sell 10% of shares – as poll demands
  • Ron Wyden has proposed tax to help fund Biden plans

After Elon Musk asked his Twitter followers to vote on whether he should sell 10% of his Tesla stock, the architect of the proposed billionaires tax that prompted the move dismissed the tweet as a stunt.

“Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll,” said Ron Wyden, an Oregon Democrat and chair of the Senate finance committee. “It’s time for the billionaires income tax.”

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Elon Musk asks Twitter followers if he should sell 10% of Tesla stock

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  • Entrepreneur refers to US proposal for ‘billionaires tax’
  • Nearly 56% of respondents say Musk should sell shares

Elon Musk on Saturday asked his 62.5 million followers on Twitter if he should sell 10% of his Tesla stock.

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” Musk wrote in a tweet referring to a “billionaires’ tax” proposed by Democrats in the US Senate.

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Biden hails ‘monumental step forward’ as Democrats pass infrastructure bill

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The president will sign $1tn package into law after House ended months-long standoff by approving bipartisan deal

Joe Biden saluted a “monumental step forward as a nation” on Saturday, after House Democrats finally reached agreement and sent a $1tn infrastructure package to his desk to be signed, a huge boost for an administration which has struggled for victories.

“This is a blue-collar blueprint to rebuild America,” Biden said, “and it’s long overdue.”

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G20 leaders to endorse Biden proposal for global minimum corporate tax

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Leaders of the world’s 20 biggest economies will endorse a US proposal for a global minimum corporate tax of 15%, draft conclusions of the two-day G20 summit in Rome showed on Saturday.

The G20 plans to have the rules in force in 2023.

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US treasury secretary Yellen: global minimum corporate tax will pass

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Minimum global corporate rate of 15% agreed by 136 countries as Yellen also says US will raise debt ceiling on 3 December

The US treasury secretary, Janet Yellen, said on Sunday she was confident Congress would approve legislation to implement the global corporate minimum tax agreed by 136 countries.

Yellen told ABC’s This Week actions to bring the US into compliance with the global minimum tax would likely be included in the so-called reconciliation budget bill containing Joe Biden’s proposed spending initiatives.

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Barack Obama: tax the rich, including me, to fund Biden spending plan

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Former president says billionaires should ‘pay a little bit more in taxes’ to fund healthcare, childcare and the climate crisis fight

Barack Obama says wealthy Americans – including himself – can afford tax rises to help fund Joe Biden’s ambitious spending plan.

Related: Pelosi: Biden spending plan, infrastructure deal and funding ‘must pass’ next week

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Pelosi: Biden spending plan, infrastructure deal and funding ‘must pass’ next week

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  • Speaker sends letter to party at mercy of warring factions
  • One reporter observes: ‘Well, this is raising the stakes’

In a letter to Democrats on Saturday the House speaker, Nancy Pelosi, set her sights high, saying Joe Biden’s $3.5tn spending package, a bipartisan infrastructure deal worth $1tn and a measure to expand government funding “must pass” next week.

Related: ‘We couldn’t be more inconsistent’: discordant Democrats imperil Biden’s agenda

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Biden knows fate of spending plan will show extent of his power – and define his legacy

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The president is about to embark on a legislative push with almost no room for error

In what could be the most consequential stretch of his presidency, Joe Biden faces an autumn sprint to advance a once-in-a-generation expansion of the social safety net.

Related: House Democrats are scared to tax billionaires – that’s a costly mistake | Robert Reich

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‘Medium is the message’: AOC defends ‘tax the rich’ dress worn to Met Gala

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‘The time is now for childcare, healthcare and climate action for all,’ the congresswoman wrote on Instagram

When Alexandria Ocasio-Cortez wore a white gown with the message “tax the rich” emblazoned in red to the Met Gala, one of New York’s swankiest events, she was sure to ruffle some feathers.

Related: The Met Gala 2021: eight key moments from fashion’s big night

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Richest 25 Americans reportedly paid ‘true tax rate’ of 3.4% as wealth rocketed

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ProPublica investigation shows how little US super-rich, including Jeff Bezos and Elon Musk, reportedly paid between 2014 and 2018

The 25 richest Americans, including Jeff Bezos, Warren Buffett and Elon Musk, paid a “true tax rate” of just 3.4% between 2014 and 2018, according to an investigation by ProPublica, despite their collective net worth rising by more than $400bn in the same period.

Related: Global economy set for fastest recovery for more than 80 years

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Joe Biden: time for corporations and richest Americans to ‘start paying their fair share’ – video

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The US president, Joe Biden, has said it is time for corporations and the richest Americans to ‘start paying their fair share’ as he pitched his $4tn infrastructure and welfare plans at an event in Virginia.

Speaking at a community college in Norfolk, Biden made the case for increasing taxes on the wealthiest in the US to fund his $1.8tn American families plan and $2tn infrastructure plan. The packages would provide funds for childcare, invest in free universal pre-schooling and rebuild America’s transport and public housing.

‘I think it’s about time we started giving tax breaks and tax benefits to working class families and middle class families, instead of just the very wealthy,’ Biden said.

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Republicans claim Biden $2tn infrastructure plan a partisan tax hike

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  • President proposes environmental measures and tax rises
  • Mississippi governor cites Green New Deal, a GOP bogey

Republicans opposed to Joe Biden’s proposed $2tn infrastructure bill claimed on Sunday that it was effectively a partisan tax hike that allocated too much money to electric vehicles and other environmental initiatives.

Related: Florida faces 'imminent' pollution catastrophe from phosphate mine pond

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Mike Pence and Kamala Harris spar on Covid, race and climate in VP debate – video highlights

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Mike Pence and Kamala Harris met in Utah for the only vice-presidential debate of the election, separated by Plexiglass barriers as a protection against coronavirus.

From the pandemic to healthcare and race to the supreme court, via a fly, here are some of the key moments

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Biden tells Trump ‘you are the worst president America has ever had’ in battle over taxes – video

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During the first presidential debate, Donald Trump was pressed on the New York Times story over his tax returns, which showed he paid only $750 in federal income taxes in 2016 and 2017. The president claimed he had paid “millions” in income taxes and said he would release his tax returns soon, which he has been saying since 2015. 

Joe Biden said Trump 'does take advantage of the tax code' and 'pays less tax than a schoolteacher'. Trump shrugged off the criticism, saying all business leaders do the same 'unless they are stupid'. The exchange escalated with Biden telling his rival: 'You are the worst president America has ever had'

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Democrats on the attack after Trump tax return revelations – live

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Trump said back in 2011 that even low-income Americans should have to pay some taxes and that he pays “a lot of tax,” a new CNN report reveals.

The tax information obtained by the New York Times indicates Trump paid only $750 in federal income taxes the year that he won the presidency.

Related: Trump reels from taxes bombshell as he gets set for crunch debate with Biden

Florida police have released body camera footage from officers’ interaction with Brad Parscale, the president’s former campaign manager who was involuntarily hospitalized yesterday.

In the video, Parscale’s wife, Candice, can be heard saying he brandished a gun and has multiple firearms in the home.

New: Police just released body camera footage of the incident involving Brad Parscale https://t.co/QBpA7jIjEg

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