Bloomberg: Biden will suggest a new billionaire's tax

(RT) ⸻ US President Joe Biden's budget proposal to Congress will include a 25% tax on billionaires and increased rates for wealthy investors and corporations, according to Bloomberg. The plan would nearly double the capital gains tax rate for investment to 39.6% from 20%, as well as raise income levies on corporations and wealthy Americans. The corporate tax rate would rise to 28% from 21%, which would undo a "signature Trump tax change." The proposals would appear to have little chance of passing Congress, given that Biden failed to push through similar plans even before the Democrats lost control of the House of Representatives in November's midterm elections. The two parties are also locked in debate over raising the US debt ceiling, which hit the $31.4 trillion threshold in January and threatens to trigger a default on the federal government's debt. The Biden administration has not commented on the latest reports, but White House spokeswoman Karine Jean-Pierre said Biden wants to work "in a bipartisan way" and is ready to talk with Republicans on the budget.