The Biden administration is set to propose a series of tax increases for wealthy Americans and large corporations, Bloomberg first reported and Axios has confirmed.
Driving the news: The new budget request to Congress, which is to be released on Thursday, includes a 25% minimum tax on the richest 0.01% of Americans.
What we know: The new budget would close a loophole that allows some wealthy investors with "passthrough businesses" to avoid paying tax on their investments.