Biden declares war on America's rich by urging Congress pass a 'billionaire ... trends now

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President Joe Biden again called on Congress to pass the 'billionaire minimum tax' during Tuesday night's State of the Union address.

'You know there's a thousand billionaires in America, it's up from about 600 at the beginning of my term. But no billionaire should be paying a lower tax rate than a school teacher or firefighter,' Biden said. 

A previous version of the plan would apply a 20 percent tax rate to households with a net worth of over $100 million. 

A tax of this type has been backed by progressive Sen. Elizabeth Warren and Sen. Ron Wyden, the chair of the Senate Finance Committee, but it hasn't gotten broad support - and is even more unlikely to pass with the House now in Republican hands. 

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