The White House will unveil a new budget proposal Monday, which will include a new minimum income tax for billionaires.
The"Billionaire Minimum Income Tax" will impose a minimum tax of 20% on households worth more than $100 million.
The White House estimates that the tax will reduce the deficit by $360 million over the next 10 years. The new billionaire tax is only expected to affect the “top one-hundredth of 1 percent of American households,” according to the New York Times.
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