‘Billionaire Tax’ Expands Taxable Income, Should Be Dead on Revival Say Critics

President Joe Biden's proposed new "billionaire's tax" would dramatically increase taxes for United States' households "worth" more than $100 million, but critics say its expansion in defining "income" will affect more than just 700-800 billionaires, such those above, and Republicans say it is a gimmick to boost Democrats' 2022 midterm prospects. AP/Getty Images

President Joe Biden’s proposed “billionaire tax” may sound good to many voters, but it is fraught with vagaries that could redefine—and expand—the nation’s tax code, according to first-look analyses across a range of publications and sites, from The Wall Street Journal to the Heritage Foundation.

The tax proposal was included within Biden’s $5.8 billion Fiscal Year 2023 budget request to Congress.