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  1. Taxes
  2. Tax

Here's How Biden's Billionaire Tax Would Work

By: Pete Grieve
Pete Grieve, expert in Personal finance, housing, and Reporter at Money
Pete Grieve
Reporter | Joined May 2024
Pete Grieve is a personal finance reporter. In his time at Money, Pete has covered everything from car buying to credit cards to the housing market.
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Editor: Julia Glum
Julia Glum, expert in the IRS, taxes, credit scores, saving, colleges, mobile payment apps, and News Editor at Money
Julia Glum
News Editor | Joined February 2018
A graduate of the University of Florida, Julia has more than five years of experience in personal finance journalism. In addition to overseeing news coverage, she leads Money’s tax coverage, which includes extensive reporting on tax credits, policy changes and the IRS.
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Published: Feb 07, 2023 5 min read
A large stack of hundred dollar bills with a wrapper with the word Taxed on top
Money; Getty Images

In his State of the Union address Tuesday night, President Joe Biden is set to discuss his vision for a “billionaire tax” as he renews a push for Congress to increase taxes for ultra-wealthy Americans.

The details of the billionaire tax proposal haven’t been revealed yet, but a Monday fact sheet from the White House explained that “a minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.”

The White House emphasized that Biden is a capitalist and believes people should be able to become billionaires — but he thinks the tax code needs to be modified to make them pay more.

How would Biden's billionaire tax work?