Fortune: President Biden says his ‘Billionaire Minimum Income Tax’ would raise $360 billion. How does it work?

The highest likelihood is through “reconciliation” — a budget process for passing fiscal legislation with a simple majority of Senate votes.

That will require buy-in from West Virginia Sen. Joe Machin and Arizona Sen. Kyrsten Sinema, who have each objected to proposals to tax the ultra-wealthy in the past.

Steve Wamhoff, director of tax policy at the Institute on Taxation and Economic Policy, says the Democrats “have got this reconciliation vehicle that they can use that to pass legislation.”

“This is a step toward a much fairer tax code.” Read more

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