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Politics

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

  • Tax could generate $360 billion in new revenue over 10 years
  • Senators presented similar plan to pay for Build Back Better
President Joe Biden

President Joe Biden

Photographer: Oliver Contreras/Sipa/Bloomberg

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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.