Say what you will about the Biden administration's approach to tax-the-rich populism: It's creative. But creativity does not necessarily translate to sound tax policy.
At the State of the Union address, President Joe Biden reintroduced a proposal for a "billionaire minimum tax." Not to be confused with the global minimum tax (part of international negotiations at the Organisation for Economic Co-Operation and Development, or the OECD), the corporate book minimum tax (enacted in the Inflation Reduction Act last year), the individual alternative minimum tax (which has been law since 1969), or the old corporate alternative minimum tax (which was repealed in 2017), the billionaire minimum tax is relatively novel in terms of its design—but new doesn't mean sound either.
