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How Biden’s Billionaire Minimum Income Tax Would Hit the Wealthy

March 31, 2022, 8:00 PM

U.S. President Joe Biden’s proposal for a “Billionaire Minimum Income Tax” raised a number of questions among America’s ultra-rich and those advising them.

Chief among their concerns: How would it work in practice, and what are the chances it actually becomes law?

The plan, which would tax the appreciation of financial and business assets owned by people worth more than $100 million, has strong support among many Democratic voters. It could generate hundreds of billions of dollars in new revenue from a group that has traditionally used tax laws to lower their Internal Revenue Service payments.

It’s a ...