DC insider predicts what will happen in the biggest battle between House GOP and White House
A few days ago, I got a call from a reporter who wanted to know why President Biden has suddenly become a budget hawk:
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House Republicans are planning to stage theater-of-the-absurd pyrotechnics —refusing to raise the debt ceiling. Which means that at some point this summer, Biden’s Treasury Department will say America is within days (or hours) of defaulting on its bills. A default would be catastrophic.
To counter this, Biden is planning his own pyrotechnics.
In the budget released today, he’s proposing a “Billionaire Minimum Tax” that would require wealthy American households worth more than $100 million to pay at least 20 percent of their incomes in taxes (most middle-class Americans pay around 30 percent). Plus, they’d have to pay 20 percent a year on unrealized gains in the value of their liquid assets, such as stocks, which can accumulate value for years but are taxed only when they are sold (and not even then if left to their heirs).
https://www.msn.com/en-us/news/politics/dc-insider-predicts-what-will-happen-in-the-biggest-battle-between-house-gop-and-white-house/ar-AA18pJM4
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