Biden Claims to Want a 20 Percent Minimum Tax Rate on Billionaires.

I’m not buying it, and there’s good reason why you shouldn’t either.

John Locher/AP

Well, the President’s administration appears to be switching into campaign mode for the midterms, attempting to find at least something for Democrats and Biden himself to run on in 2024. They’re going to have to, considering they abandoned almost literally every single thing they campaigned on leading up to the 2020 election.

In recent days, someone in the administration apparently decided that targeting the tax rate of the wealthy is the way to win over the hearts of the American people.

Aaron McDade with Newsweek writes:

‘…“The tax code currently offers special treatment for the types of income that
wealthy people enjoy,” the budget plan says. “This special treatment, combined with sophisticated tax planning and giant loopholes, allows many of the very wealthiest people in the world to end up paying a lower tax rate on their full income than many middle-class
households.”

To address the inequity, the budget includes a 20 percent minimum tax on multimillionaires and billionaires who often pay low tax rates. The minimum tax would apply only to the wealthiest 0.01 percent of households — those with more than $100…