President Biden released his proposed FY23 $5.8 trillion budget on Monday. The budget calls for a “Billionaire Minimum Income Tax” that would create a new tax on households worth more than $100 million to bring in $360 billion in revenue over a decade. The budget also includes a proposal to increase the corporate tax rate to 28 percent from 21 percent, a partial rollback of the 2017 corporate tax cut. Lawmakers in both parties will now review the budget and suggest changes before the formal debate begins.