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Income inequality has become a massive problem. The size of the gap between the ultra-wealthy and regular people increasing at a rapid rate and it cannot be good for society. The question is, what can we do about it? The Biden administration is proposing a new tax that targets the wealthiest people. Is it a good idea?
Biden administration on Monday proposed what it calls the Billionaire Minimum Income Tax, which will require American households worth more than $100 million to pay at least 20% of their income in taxes. Over half the revenue could come from households worth upwards of $1 billion.
