EXPLAINER: How would billionaire income tax work?

Contributing sentiments towards policy:

51% : Steve Wamhoff, director of tax policy at the Institute on Taxation and Economic Policy, says the Democrats "have got this reconciliation vehicle that they can use that to pass legislation.""This is a step toward a much fairer tax code."
48% : The budget proposes that households worth more than $100 million pay at least 20% in taxes on both income and "unrealized gains" -- the increase in an unsold investment's value.
47% :Roughly 700 billionaires would be affected by the tax proposal, the White House says, estimating that these individuals increased their wealth in 2021 by $1 trillion, paying roughly 8 percent of their income and unrealized gains in taxes.
45% : A ProPublica report from last June outlined how the wealthiest Americans can legally pay income taxes that are a fraction of what middle income Americans pay on their income.
37% : And a Pew Research Center study from last April states that most Americans -- some 59 percent -- say they are bothered "a lot" that some corporations and wealthy people don't pay their fair share in taxes.
37% : A 2017 Gallup poll states that slightly more than six in 10 Americans say that upper-income people pay too little in taxes.

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