Commentary 
President Biden’s proposal for a 20 percent minimum tax on billionaires is largely class warfare by the liberals, signaling to their loyal constituents that they intend to erode the wealth of successful American’s while pretending to target the super-rich.
Under Biden’s Billionaire Minimum Income Tax plan, households with more than $100 million in wealth would be required to report their household wealth to the IRS on an annual basis.
The Billionaire Minimum Income Tax will require America’s wealthiest households to pay as they go, just like everyone else: The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income, including unrealized appreciation. This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters. The tax will apply only to the top one-one hundredth of one percent (0.01%) of American households (those worth over $100 million). Over half of the revenue will come from households worth more than $1 billion.
– The White House (March 28th 2022)
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