The "Billionaire Minimum Income Tax" proposed by Biden would impose a 20% minimum tax rate on households with a net worth exceeding $100 million, primarily targeting the more than 700 billionaires in the United States. According to a White House fact sheet released on Saturday, this plan would require these households to pay a minimum tax of 20% on all of their income, including investment income that is currently untaxed. The tax is estimated to reduce the budget deficit by around $360 billion over the next decade. Senate Democrats had previously suggested a billionaires tax to help fund Biden's "Build Back Better" social and climate change initiatives, although the proposal did not advance due to lack of support in the Senate.