Joe Biden will ask Congress on Monday to pass a new minimum tax that would require American households worth more than $100 million to pay a tax rate of at least 20 percent on their full income.

The tax will affect the richest 700 Americans and the Biden regime estimates the new tax will raise $360 billion a year.

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According to CBS — the world’s 2,365 billionaires enjoyed a $4 trillion boost to their wealth during the first year of the pandemic, increasing their fortunes by 54%

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