Biden’s plan to tax the rich, explained

Billionaires in the US pay a tiny proportion of the wealth they accrue in taxes compared to the cut ordinary Americans pay from their wages.

Now, President Joe Biden wants that to change: His just-unveiled budget for fiscal year 2024 contains a tapestry of tax hikes with a laser-beam focus on billionaires, multi-millionaires, and large corporations, all aiming to reduce the federal deficit by $3 trillion over the next decade on the dime of the wealthiest Americans.