Biden Administration's, Proposed 'Wealth Tax': , Explained.<br />President Joe Biden has proposed a tax on the assets <br />of billionaires, the wealthiest .0005% of Americans, <br />to help pay for his economic and social agenda.<br />ABC News explains that billionaires earn most of their money from wealth they've already amassed, <br />including properties and stocks. .<br />Biden's proposed tax would apply to people <br />with at least $1 billion in assets or those who've had $100 million in income for three straight years.<br />According to The Associated Press, <br />those stipulations would mean that just <br />700 taxpayers would face the additional tax.<br />House Speaker Nancy Pelosi reportedly <br />estimated that the tax would raise <br />$200 billion to $250 billion.<br />ABC News points out <br />that the figure falls <br />considerably short of <br />covering the nearly <br />$2 trillion plan. .<br />The new tax would also face <br />opposition questioning its legality.<br />According to ABC News, the Supreme Court would decide whether the proposal is interpreted as an unconstitutional direct tax on property or if it's a legal tax on income.<br />America's billionaires have reportedly seen <br />their wealth surge 70% since the onset <br />of the pandemic to over $5 trillion. .<br />America's billionaires have reportedly seen <br />their wealth surge 70% since the onset <br />of the pandemic to over $5 trillion. .<br />ABC News points out that <br />there were 614 U.S. billionaires <br />at the beginning of the pandemic. <br />That total has now jumped to 745
