Biden's proposed "Billionaire Minimum Income Tax" would impose a 20% minimum tax rate on households with a net worth exceeding $100 million, primarily impacting the more than 700 billionaires in the United States. According to a White House fact sheet released on Saturday, this tax would apply to all income, including unrealized investment income that is currently untaxed. The tax is expected to reduce the budget deficit by approximately $360 billion over the next ten years. Senate Democrats had previously suggested a similar tax last year to help fund Biden's "Build Back Better" social and climate-change initiatives, but the proposal did not advance due to lack of support in the Senate.