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. It would levy a new income tax of 20 percent for households “worth” more than $100 million. The aim is to chip away at the nation’s spending-over-revenues deficit by increasing revenues by more than $360 billion between 2023 and 2032 rather than scaling back spending, according to a White House Fact Sheet entitled, “President’s Budget Rewards Work, Not Wealth with new Billionaire Minimum Income Tax.” Flanked by Office of Management & Budget Director Shalanda Young, when Biden introduced the 149-page proposed budget blueprint on March 28, he said only …
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