President is reportedly planning to propose a new 'minimum tax' targeting billionaires, establishing a 20 percent levy on all American households worth more than $100 million.The plans to unveil the plan on Monday as part of Biden's 2023 budget, according to the . But it would have to pass through Congress to become law, and would likely face stiff opposition from some quarters.The proposal aims to close a purported loophole that benefits the nation's 700-odd billionaires, many of whom have most of their wealth in stock, which is not taxed until it is sold for a profit.
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