According to a White House fact sheet released on Saturday, Biden's proposed "Billionaire Minimum Income Tax" would establish a 20% minimum tax rate on households valued at more than $100 million. The tax would primarily affect the United States' over 700 billionaires, requiring them to pay a minimum tax of 20% on all income, including unrealized investment income that is currently untaxed. The tax is projected to decrease the budget deficit by approximately $360 billion over the next decade. Senate Democrats previously suggested a billionaires tax to fund Biden's "Build Back Better" social and climate-change initiatives, but the proposal did not move forward in the Senate due to lack of support.