Instead of a wealth tax or a special tax on billionaires, Biden rolled out a new "surtax" on income for multimillionaires and billionaires
President Joe Biden walks with Speaker of the House Nancy Pelosi (D-Calif.), obscured, House Majority Leader Steny Hoyer (D-Md.), and Rep. Jamie Raskin (D-Md.), right, at the Capitol in Washington on Thursday, Oct. 28, 2021. Biden rolled out a new “surtax” on income for multimillionaires and billionaires, which would effectively raise the top tax rate on ordinary income to 45 percent for the highest earners.
Image: Stefani Reynolds/The New York Times
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