According to the Post, the new minimum tax would fall on households worth over $100 million a year, bringing in an estimated $360 billion in new revenue to the federal coffers throughout the next 10 years. The move is expected to help cut the deficit by an estimated $1 trillion throughout that period.
"The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent on their full income," a White House document obtained by the Post reportedly announced. "This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters."
GONE TOO SOON: NYPD MOURNS FALLEN OFFICER AFTER FATAL CONFRONTATION, IS BIDEN'S AMERICA TO BLAME?
The new tax was developed by officials at the Office of Management and Budget, Treasury Department, and the White House economic Council, due to the report.
It would tax not just traditional income and capital gains, but further include "unrealized" gains, or amounts of money earned on investments that have not been sold, according to the report.
GONE TOO SOON: NYPD MOURNS FALLEN OFFICER AFTER FATAL CONFRONTATION, IS BIDEN'S AMERICA TO BLAME?
Biden has made taxing the wealthiest Americans part of his agenda since the 2020 campaign, and originally included higher taxes for the wealthy as part of the now-defunct Build Back Better social spending legislation that stalled in congress earlier this year.
RE-SHAPING THE FUTURE: TENNESSEE GOV. BILL LEE UNVEILS BOLD PLAN FOR "EDUCATION FREEDOM"
"Biden’s proposal really effectively addresses the practical implementation challenges we’ve seen to previous proposals to tax very high-income households," Jason Furman, a senior economist in the Obama administration, told the Post.
WATCH: TULSI GABBARD ADDRESSES WHO REALLY INFLUENCES POLICY, AND IT'S NOT BIDEN...
Other financial experts were more skeptical about taxing the unrealized profits, fearing such a move may not pass legal muster.
"We still have questions of constitutionality: Can the IRS collect taxes if nothing has been sold based on the wealth, the property, of the taxpayers?" Steve Rosenthal, a senior fellow at the Tax Policy Center, a nonpartisan think tank, announced in the Post story.
FIVE ARRESTED IN SOUTHERN TEXAS FOR TRAFFICKING OF MILITARY-GRADE WEAPONS TO CARTEL
The Post reported in November 2021 that top Democrats, including House Speaker Nancy Pelosi, D-Calif., opposed a proposal at the time for a 15% minimum corporate tax, and a tax on wealthier Americans, calling it a "publicity stunt."
WATCH: AOC DISPLAYING HER IGNORANCE ONCE AGAIN
The new tax on the wealthy could send Elon Musk, for instance, into orbit.
Musk attacked a version of the plan in October when it was being regarded as a way to help pay for Biden’s since-abandoned “Build Back Better” social spending bill.
“Eventually, they run out of other people’s money and then they come for you,” the multi-billionaire Tesla CEO and SpaceX founder posted on Twitter last year.