Biden will reportedly propose a ‘billionaire minimum income tax’ in his budget

• The Biden administration on Monday will reveal a new proposed minimum tax on billionaires.
• The proposal comes as part of the White House’s 2023 budget proposal.
• The “Billionaire Minimum Income Tax” calls for a 20% minimum tax rate on households worth more than $100 million.

The Biden administration will seek a new minimum tax on billionaires in its 2023 budget proposal on Monday, multiple media outlets reported Saturday evening.

The White House is calling the initiative the “Billionaire Minimum Income Tax.” It calls for a 20% minimum tax rate on all American households worth more than $100 million, according to The New York Times.

Most of the revenue would come from billionaires and the tax would apply only to the top 0.01% of American households — the 700 people in America who are billionaires.

“The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income,” a White House document obtained by The Washington Post said. “This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.”

The Biden administration estimated that the tax would bring in some $360 billion in revenue over the next decade, The Post reported.

The White House also said the budget proposal would slash the projected federal deficit by $1 trillion over the next 10 years, according to the Associated Press.

Biden is set to release his budget proposal for the 2023 fiscal year on Monday. Presidential budgets are essentially blueprints of their administration’s priorities for the upcoming year and Congress can choose to incorporate or reject the Biden administration’s proposals.

Republicans generally oppose the type of wealth taxes the Biden administration is proposing, often arguing that raising taxes on the wealthy will discourage investments and jobs, and will prompt billionaires to shift their money overseas.

Republicans have long complained about the Biden administration’s spending, accusing the president of causing the record-high inflation currently affecting the country. 

One White House official told the Associated Press on condition of anonymity that Biden’s budget proposal will accomplish the faster growth and falling deficits that Republicans have failed to achieve.