Biden to propose new 20% billionaire tax

President Joe Biden is expected to propose a 20% minimum tax rate on US households worth more than $100 million, Report informs, citing CNBC, which quotes from a document it obtained.

The proposed levy is expected to reduce the deficit by about $360 billion in the next decade, according to the document.

Over half the revenue could come from those worth more than $1 billion.

According to the TV channel, Biden will set the proposal on March 28.