20% tax on billionaires and unrealised gains in Biden's budget proposal

President Joe Biden will propose a minimum 20 per cent tax rate that would hit both the income and unrealised capital gains of US households worth more than $100 million as part of his budget proposal.

The plan – called the “Billionaire Minimum Income Tax” by the White House – represents the most aggressive proposal by the administration yet in efforts to tax the wealthy. 

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 trillion cut to deficit spending.

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