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NICHOLAS KAMM/AFP VIA GETTY IMAGES
In the latest Democratic effort to increase the tax bill for the super-wealthy, President Joe Biden is calling for a 20% minimum tax on multi-millionaires and billionaires in his new budget.
The “billionaire minimum income tax” is a new take on Biden’s recurring pledge to make the rich pay their “fair share.”
Instead of raising the pre-existing tax rates, this proposal would set a new floor to make sure households worth at least $100 million pay a 20% minimum — and the value of their untapped, unsold assets would all count as a way to tally the bill, the proposal says.
“This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters,” the White House said.