On March 28, 2022, the Biden Administration proposed a minimum tax on extremely wealthy taxpayers in its FY 2023 budget.1 For tax years beginning after December 31, 2022, the so-called “billionaires minimum tax” would apply a 20% tax on the total income—generally including unrealized capital gains—of taxpayers whose wealth, measured as the net of asset values less liabilities, exceeds $100 million. (Note that $1 billion is $1,000 million so the nickname is a something of a misnomer.) The Office of Management and Budget (OMB) estimates that the tax will raise over $360 billion in revenue over 10 years.
