**President Biden’s Billionaire Income Tax Proposal Breakdown:**
• Current status: The proposal has been sent to Congress and must pass both chambers of Congress before being implemented.
• Application of the Tax: The budget proposes that households worth more than $100 million pay at least 20% in taxes on both income and “unrealized gains”— the increase in an unsold investment’s value. The Billionaire Minimum Income Tax payments are a prepayment of tax obligations these households will owe when they later realize their gains.
• Who will be affected?: Roughly 700 billionaires would be affected by the tax proposal, the White House says, estimating that these individuals will increase their wealth in 2021 by $1 trillion, paying roughly 8 percent of their income and unrealized gains in taxes.
• How much money will this tax raise?: According to the White House, $361 billion over ten years. The budget proposal contains an additional $1.4 trillion worth of revenue raisers, including a higher top tax rate of 39.6% for individuals and an increase in the corporate tax rate to 28%.
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