(Washington, DC) -- President Biden is expected to propose a new tax today that would go after the richest Americans.
CNBC cites documents the networks says show Biden's 2023 budget proposal includes something called the "billionaire minimum income tax." It would impose a 20-percent minimum tax rate on households worth more than 100-million dollars.
It's expected that half of the revenue would come from people with net worth of more than a billion dollars. The proposed levy is forecast to cut the deficit by roughly 360-billion dollars in the next decade.