A few hours ago, American President Joe Biden asserted that it’s time for billionaires to pay a minimum tax of 25%. This is not the first time the President has put forth such a proposal. In Q1 2023, he suggested a set of new tax hikes on billionaires, corporations, and rich investors. Apart from suggesting a minimum tax on the wealthy, his budget request additionally recommended doubling the capital gains tax rate from 20% to 39.6%.
On social media, the American President recently highlighted the differences between ‘Bidenomics’ and ‘MAGAnomics’. The former focused on ensuring that “wealthy and large corporations pay their fair share in taxes.” Contrarily, Biden contended that the latter revolved around “more tax giveaways for the wealthy and large corporations.” In another post, he asserted,
“MAGAnomics gives $5.1 trillion in tax cuts skewed to wealthy people and big corporations. And cuts $700 billion from Social Security, and $1 trillion from Medicare.“
Dogecoin Founder Calls Out Biden
Not everyone was pleased with Biden’s latest billionaire tax proposal. Dogecoin founder Billy Markus called out Biden for increasing the national debt by trillions of dollars during his tenure as President. Mocking Biden, he posted,
“I overspent my budget by several trillion dollars, but if I finger point at other people and make new laws to claw back 10% of that, all the ignorant people who believe what I say without any critical thinking will hail me as a hero.”
Furthermore, Markus went on to question “what” the 25% would be applied to. The Dogecoin founder pointed out that the net worth of the wealthy was not liquid and then additionally ruled out the ‘income’ option, citing an excerpt from the White House website. According to Markus, the proposal intended to tax the unrealized gains by 25%.
Despite Markus’ criticism, it should be noted that the majority of them are on the same page as Biden. A recent poll conducted by The Spectator Index pointed out that 72% of 33,803 voters were in favor of the President’s billionaire tax proposal.