Biden to propose 'Billionaire Minimum Income Tax' of 20 percent

Man holding money
(Image credit: Motortion/iStock)

The Biden administration plans to announce a "Billionaire Minimum Income Tax" on Monday as part of its 2023 budget proposal, The Washington Post reports, citing five people with knowledge of the matter and an administration document obtained by the newspaper.

Fox News appears to have obtained the same document, and reports that the new tax would apply to all U.S. households with a net worth of more than $100 million.

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Grayson Quay

Grayson Quay was the weekend editor at TheWeek.com. His writing has also been published in National Review, the Pittsburgh Post-GazetteModern AgeThe American ConservativeThe Spectator World, and other outlets. Grayson earned his M.A. from Georgetown University in 2019.