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Fortune

Alicia Adamczyk

How much America's richest people would pay under a billionaire tax is pretty complicated

Elon Musk Bill Gates Joe Biden White House Erica York IRS Income Tax Tax Foundation Tesla Inc. United States

Shareholder Trial Against Tesla And Elon Musk (Credit: Bloomberg)

If President Joe Biden gets his way, billionaires like Elon Musk and Bill Gates will pay significantly more in taxes than they do now.

During his State of the Union speech this week, the president again called for a Billionaire Minimum Income Tax to be levied on the richest households' appreciating assets.

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