In push to tax the rich, White House spotlights billionaires' tax rates

The wealthiest 400 households in America pay an effective federal income tax rate of just over 8 per cent per year on average. PHOTO: REUTERS
New: Gift this subscriber-only story to your friends and family

WASHINGTON (NYTIMES) - United States President Joe Biden is leaning into his push to increase taxes on the rich as he seeks to unify Democrats in the House and Senate behind a US$3.5 trillion (S$4.7 trillion) Bill that would expand federal efforts to fight climate change, reduce the cost of childcare, expand educational access, reduce poverty and more.

"I'm sick and tired of the super-wealthy and giant corporations not paying their fair share in taxes," Mr Biden wrote on Twitter on Wednesday (Sept 22), amplifying an argument that Democratic strategists believe will help sell his economic agenda to the public and potentially lift the party's candidates in mid-term elections.

Please or to continue reading the full article.

Get unlimited access to all stories at $0.99/month

  • Latest headlines and exclusive stories
  • In-depth analyses and award-winning multimedia content
  • Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*

*Terms and conditions apply.

Join ST's Telegram channel here and get the latest breaking news delivered to you.