In the 2023 budget, President Biden is expected to propose a new tax requiring households worth more than $100 million to pay at least 20% of their income in taxes. This would include taxing gains on unsold investments. The White House stated the tax would apply to 0.01% of American households and that more than 50% of the new revenue would come from households worth more than $1 billion. Last year, the U.S. Office of Management and Budget and the Council of Economic Advisers reported 400 billionaire households paid an average federal tax rate of just over 8% during an eight-year period ending in 2018. This is just a proposal. Congress will make the final decision.
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