Can Biden turn his ‘billionaire minimum income tax’ into law? Don’t count on it, analysts say

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.