Biden will propose a new minimum tax on households worth more than $100 million as part of his annual budget, the White House said
pay at least 20% in tax on their income and rising asset values each year.
The proposal would affect fewer than 20,000 households, and it would apply only to those who don’t pay at least 20% in tax on a combination of income as typically defined and their unrealized gains on unsold assets such as stocks and closely held businesses. The plan would generate roughly $360 billion in revenue over 10 years, according to a White House fact sheet released in advance of Monday’s full budget proposal.
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