Biden to announce ‘billionaire minimum income tax’ in budget plan

Joe Biden will propose a new tax on America’s richest households when he unveils his latest budget on Monday.

The Biden administration is set to propose a 20% minimum tax on households worth more than $100m. The proposal would raise more than $360bn over the next decade and “would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters”, according to a factsheet released by the White House.

The plan – called the “billionaire minimum income tax” – is the administration’s most aggressive move to...