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Biden to Propose 20% Tax Aimed at Billionaires, Unrealized Gains

March 26, 2022, 9:29 PM

President Joe Biden will propose a minimum 20% tax rate that would hit both the income and unrealized capital gains of U.S. households worth more than $100 million as part of his budget proposal to be released on Monday.

The plan -- called the “Billionaire Minimum Income Tax” by the White House -- represents the most aggressive proposal by the administration yet in Biden’s efforts to increase taxation on the wealthiest Americans.

If enacted, the tax would generate an estimated $360 billion in new revenue over the next decade, representing more than a third of the White House’s projected $1 ...