According to a White House fact sheet released on Saturday, Biden's proposal for a "Billionaire Minimum Income Tax" would establish a 20% minimum tax rate on households with a net worth exceeding $100 million. This plan primarily aims to target the more than 700 billionaires in the United States, requiring them to pay a minimum tax of 20% on all of their income, including currently untaxed unrealized investment income. The fact sheet states that this tax would help reduce the budget deficit by approximately $360 billion over the next decade. Senate Democrats had previously suggested a billionaires tax last autumn to fund Biden's "Build Back Better" social and climate change initiatives, but the proposal did not advance due to insufficient support in the Senate.