The Biden Administration wants to implement a minimum twenty percent tax on people who have a household net worth of $100 million as well as a new tax on unrealized gains from assets like stocks, bonds and cash, the New York Times reports.
In a proposal to go to Congress Monday, Biden will call for the new tax structure as a way of closing the budget gap and as a solution to the issue of wealthy families being able to avoid paying taxes by tying up their wealth in securities that do not produce income but increase their net wealth and borrowing ability.
The tax would only impact one-one hundredth of one percent of households, and more than half of the revenue from it would come from households with more than one billion in assets, which number about 700 individuals in the United States.