Biden targets America’s wealthiest with proposed minimum tax on billionaires

Tax on households over $100m aims to ensure wealthiest Americans no longer pay lower rate than teachers and firefighters

Joe Biden proposed a new tax on America's richest households when he unveiled his latest budget on Monday.

The Biden administration wants to impose a 20% minimum tax on households worth more than $100m. The proposal would raise more than $360bn over the next decade and would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters", according to a factsheet released by the White House.