EXPLAINER: How would billionaire income tax work?

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — The “Billionaire Minimum Income Tax” included in President Joe Biden’s proposed budget  is part of the administration’s effort to reduce the federal deficit. The White House says the proposal would eliminate the “sheltering of income for decades or generations.” Whether the proposal can successfully pass through Congress is a major question as the administration outlines its hope to tax the nation’s highest earners.