Biden to propose 25% billionaire tax

What we know: The new budget would close a loophole that allows some wealthy investors with "passthrough businesses" to avoid paying tax on their investments.

• It would also increase the top tax rate for Americans making $400,000 a year to 39.6% from 37%, reversing a Trump-era tax bill.
• Additionally, it would raise income levies on corporations and billionaires.
• The Budget would set the corporate tax rate at 28%, still well below the 35% rate that prevailed prior to the 2017 tax law, according to a White House official.

What's next: The administration is scheduled to hold a briefing on the proposal Thursday morning.

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