Biden will reportedly propose a 'billionaire minimum income tax' in his budget

According to multiple media outlets, the Biden administration will propose a minimum tax on billionaires in its budget proposal on Monday.

According to The New York Times, the White House is calling for a 20% minimum tax rate on all American households worth more than $100 million.

700 people in America who are billionaires would not be subject to the tax.

The White House document obtained by The Washington Post states that the Billionaire Minimum Income Tax will ensure that the wealthiest Americans pay less tax.

According to The Post, the tax would bring in $360 billion in revenue over the next decade.

According to the Associated Press, the White House said the budget proposal would slash the federal deficit by $1 trillion over the next 10 years.

Biden is going to release his budget proposal on Monday. Presidential budgets are blueprints of their administration's priorities for the upcoming year and Congress can choose to incorporate or reject the Biden administration's proposals.

Republicans generally oppose the type of wealth taxes the Biden administration is proposing, often arguing that raising taxes on the wealthy will discourage investments and jobs, and will prompt billionaires to shift their money overseas.

Republicans have long complained about the spending of the Biden administration, accusing the president of causing the high inflation currently affecting the country.

One White House official told the Associated Press that Biden's budget proposal will accomplish the faster growth and falling deficits that Republicans have failed to achieve.