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My point is billionaires pay an average rate of only 8% on their total income. a family led by a firefighters and teacher can pay double that income tax rate, double what a billionaire pays. double the 8%. so my budget has a billionaire minimum tax of 20% minimum tax that applies only to the 100th of 1% of american households. billionaire minimum tax is fair. here is the deal. it raises $360 billion that can be used to lower costs for families and cut the deficit. it would -- i would add nobody making less than $400,000 a year will pay a single penny more in federal taxes. i've said in the pas...

The money is in their pocket. as and that's a really big difference in the way that taxes are calculated but it would raise $360 billion over the next decade according to the white house and they want to use that money to fund some of those domestic priorities you talked about. >> that was a great explanation of the change, by the way, ylan, in terms of not just paying the tax on the stock sale, but paying the taxes that stock continues to appreciate in value. the reason a lot of these uber wealthy folks don't pay much in taxes, they've got really good lawyers, very smart accountants to find w...

Both on their income and unrealised gain say things like stock portfolios which are not currently subject to taxation. the white house says the proposed tax would apply to less than 20,000 households but estimates it would raise about $360 billion in revenue over a decade. clearly, the president is taking aim at the likes of geoff bay source at mark zuckerberg, the largest shareholders in the companies they founded and among the top five richest americans. this part of the white house's $5.8 trillion budget proposal. it is an outline of the president's priorities. the purse strings are control...

New low when it comes to the economy. fox team coverage, now charlie hurt joins us in moments with his thoughts on this, but begin with fox business live on capitol hill. >> president biden's budget puts a bulls eye on billionaires as a way to bring down the deficit, not by spending less but taxing more. includes 2.5 trillion in new tax hikes which if implemented as is, would be the largest tax hike in u.s. history. president biden does want to put a 20% minimum tax rate on people with more than $100 million of estimated wealth. doing so, they say the white house would bring down debt by $360 ...

As president biden returns to washington from his trip in europe, the white house is set to unveil a new tax plan tomorrow that targets billionaires. for more on this, cnn's arlette saenz is at the white house. what's this all about? >> well, fred, the white house is set to unveil a new tax targeting the superrich in the country tomorrow as they unveil president biden's budget proposal for the next fiscal year. the white house is calling this the billionaire's minimum income tax and it essentially would require that households worth more than $100 million pay a tax rate of 20%. that would be o...