If enacted, it would mandate that the wealthiest Americans pay an annual rate of at least 20% on all income, including unrealized capital gains on all liquid assets.

The quasi-wealth-tax comes as Biden and Manchin look to revive a scaled back version of 'Build Back Better'. The White House is also planning on including a budget placeholder known as a "deficit-neutral reserve fund" - essentially a blank space that the final BBB proposal can be plugged into later, after negotiations have been finalized, according to Bloomberg. But given the fiasco from late last year, the administration is extremely wary of doing anything that could disrupt negotiations.

The NYT pointed out that the proposal marks the first time Biden has explicitly called for a wealth tax (although it's not quite as extreme as the wealth tax envisioned by ultra-liberal Dems like Elizabeth Warren). The tax will reportedly impact the 700 wealthiest Americans, WaPo said. What's more, the White House has christened the plan "the Billionaire Minimum Income Tax".