United States President Joe Biden Proposed New 25% Minimum Billionaire Tax Including Unrealized Gains for 2024 Budget Proposal, Had Proposed 20% Billi
United States President Joe Biden, a younger Joe Biden with former United States President Barrack Obama Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2023 Investment Day | 2023 Family Office Summits | Family Office Circle This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion. 
United States President Joe Biden Proposed New 25% Minimum Billionaire Tax Including Unrealized Gains for 2024 Budget Proposal, Had Proposed 20% Billionaire Tax in 2022 for 2023 Budget & a Tax Leaked in 2021 Reveals Top 25 Richest Paid 3.4% Tax Rate 11th March 2023 | Hong Kong
United States President Joe Biden has proposed a new 25% minimum billionaire tax including unrealised gains for the 2024 budget proposal. In 2022, Joe Biden had also proposed a 20% billionaire tax for 2023 Budget. In 2021, the richest United States billionaires personal tax filings were leaked, including billionaires Jeff Bezos, Warren Buffett, Elon Musk, Michael Bloomberg, Carl Icahn and George Soros, with the top 25 richest billionaires paying an average tax rate of 3.34%. The 2024 budget proposal is likely to face objections from Republicans (Joe Biden, Democrats), including top income earners above $400,000 tax to increase from 37% to 39.6%. See below for more info.
“ United States President Joe Biden Proposed New 25% Minimum Billionaire Tax Including Unrealized Gains for 2024 Budget Proposal, Had Proposed 20% Billionaire Tax in 2022 for 2023 Budget & a Tax Leaked in 2021 Reveals Top 25 Richest Paid 3.4% Tax Rate “
- Article continues below - Web links may be disabled on mobile for security. Please click on desktop. Quick Links, Ads & Announcements Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2023 Investment Day | 2023 Family Office Summits | Family Office Circle New to Caproasia Learn More | Sign Up | Subscribe | Register Events The 2023 Investment Day | HK & SG Where do you invest $250k, $1 million, $10 million, $100 million or $1 billion? Can you generate IRR of 10% / 15% / 20% or more? Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 28th March 2023 in Hong Kong, 4th April 2023 in Singapore, and Virtual Investment Day in April 2023. Visit | Register here
United States President Joe Biden to Propose New 20% Minimum Billionaire Tax in 2023, Tax on Household with $100 Million
United States President Joe Biden, a younger Joe Biden with former United States President Barrack Obama 1st April 2022 – United States President Joe Biden is expected to propose a new 20% minimum billionaire tax for 2023 budget, with the new tax imposed on United States household with more than $100 million. The tax plan is called the “Billionaire Minimum Income Tax” which will tax 20% of their annual income and unrealised gains in liquid assets (stocks, bonds, funds). The proposal is to be submitted on 4th April 2022 as part of the United States 2023 Budget plan.
United States Billionaires Tax Leak, Top 25 Pays 3.4% in Tax Rate from $401 Billion Fortune
In 2021, The richest United States billionaires personal tax filings was leaked, including billionaires Jeff Bezos, Warren Buffett, Elon Musk, Michael Bloomberg, Carl Icahn and George Soros, with the top 25 richest billionaires paying an average tax rate of 3.34%. From 2014 to 2018, the top 25 richest billionaires in United States grew their wealth by $401 billion, but paid only $13.6 billion in federal taxes, an average tax rate of 3.34% compared to 14% for the median income tax rate. (The tax leak did not disclose details on donations, that may have qualify for tax deductions)
In the United States, the leaked tax filings showed the 25 richest billionaires in United States paid an average tax rate of 3.34%, while the median (50th percentile) pays 14% in federal taxes for earnings at $70,000. The highest income tax rate is 37% tax rate, for earnings above $523,600.
The United States authorities have launched an investigation into the tax leaks. Michael Bloomberg, former Mayor of New York and founder of Bloomberg, have also pledged to use all legal means to uncover the source of the leak.
Billionaires Tax Rate Person Company Wealth Growth Income Reported Tax Paid Tax Rate Warren Buffett Berkshire Hathaway $24.3 billion $125 million $23.7 million 0.10% Jeff Bezos Amazon $99 billion $4.22 billion $973 million 0.98% Michael Bloomberg Bloomberg $22.5 billion $10 billion $292 million 1.30% Elon Musk Tesla $13.9 billion $1.52 billion $455 million 3.27% Billionaires Paid Zero Tax:
- 2007 – Jeff Bezos paid $0 federal income tax
- 2011 – Jeff Bezos paid $0 federal income tax
- 2018 – Elon Musk paid $0 federal income tax
- Recent years – Michael Bloomberg paid $0 federal income tax
- 2 times – Carl Icahn paid $0 federal income tax
- 3 years in a row – George Soros paid $0 federal income tax
- Jeff Bezos, 1.1% in taxes over 13 years
- The top 25 richest billionaire paid an average of 3.34% from 2014 to 2018
- The median (50th percentile) earns $70,000 annually and pay 14% in federal taxes
- The highest income tax rate is 37% earning above $523,600
- In United States, there is a 20% capital gain tax. At death, there is no capital gain tax.
- Estate tax of 40%
Estate Tax
In the United States, there is a 40% estate tax. In countries where there are high estate taxes, clients and wealth managers will structure assets to transfer assets to their heirs or beneficiaries without or reducing estate taxes.
In April 2021, the heirs and family of Samsung including current Vice-Chairman of Samsung Electronics Lee Jae-Yong will be paying inheritance tax of around $10.7 billion (12 trillion won) for inheriting around $22 billion estate from the late Samsung Chairman Lee Kun-Hee who died in October 2020. South Korea has one of the world’s highest inheritance tax rates with tax rate at 50%, and more if the estate has a controlling interest in a company.
Managing $20 million to $3 billion. Investing $3 million to $300 million. For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm. Join Events & Find Services Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services. Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected] Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Quick Links Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2023 Investment Day | 2023 Family Office Summits | Family Office Circle 2021 Data Release 2020 List of Private Banks in Hong Kong2020 List of Private Banks in Singapore 2020 Top 10 Largest Family Office2020 Top 10 Largest Multi-Family Offices2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM For Investors | Professionals | Executives Latest data, reports, insights, news, events & programs Everyday at 2 pm Direct to your inbox Save 2 to 8 hours per week. Organised for success Register Below For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors Get Ahead in 60 Seconds. Join 10,000 + Save 2 to 8 hours weekly. Organised for Success. Sign Up / Register You are:
InvestorProfessionalFamily OfficeExecutive
Select:
TrialSubscriptionMembershipEvents
Interests / Events / Summits / Roundtables / Networking:
Professional InvestorPrivate WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights
Your Name*
Company*
Job Title*
Email 1 (Work / Personal)*
Email 2 (Work / Personal)
Country
New to Caproasia Learn More | Sign Up | Subscribe | Register Events Caproasia Users - Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
- Professional Investor
- Family Office
- HNW Partnership
- Family Office Circle
- Family Office Networking
- Family Office Roundtable
- The Family Office Summit
- 28th March 2023 - Hong Kong
- 4th April 2023 - Singapore
- April 2023 - Virtual
- Sept 2023 - Hong Kong
- Oct 2023 - Singapore
- Oct 2023 - Hong Kong
- Visit: The Investment Day | Register: Click here
- The Investment Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
Owl Media Group takes pride in providing social-first platforms which equally benefit and facilitate engagement between businesses and consumers and creating much-needed balance to make conducting business, easier, safer, faster and better. The vision behind every platform in the Owl Media suite is to make lives better and foster a healthy environment in which parties can conduct business efficiently. Facilitating free and fair business relationships is crucial for any thriving economy and Owl Media bridges the gap and open doors for transparent and successful transacting. No advertising funds influence the functionality of our media platforms because we value authenticity and never compromise on quality no matter how lucrative the offers from advertisers may seem.