Biden's proposal for a "Billionaire Minimum Income Tax" would impose a 20% minimum tax rate on households with a net worth exceeding $100 million. The plan, outlined in a White House fact sheet released on Saturday, primarily targets the country's more than 700 billionaires. Under this plan, these households would be required to pay a minimum tax of 20% on all of their income, including unrealized investment income that is currently untaxed. The fact sheet estimates that this tax would reduce the budget deficit by approximately $360 billion over the next ten years. A similar proposal, known as the billionaires tax, was previously introduced by Senate Democrats to help fund Biden's "Build Back Better" social and climate-change plan, but it failed to advance due to lack of support in the Senate.