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President Joe Biden is expected to propose a new minimum tax for ultra-wealthy Americans when he announces his 2023 budget, per a document acquired by . Dubbed the “Billionaire Income Tax,” it would require U.S. households worth in excess of $100 million to pay a 20% minimum tax, with more than half the revenue likely stemming from those worth more than $1 billion.

According to the document, “This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.” The proposal is expected to lower the deficit by approximately $360 billion over the next 10 years.

Related: 5 Ways That Billionaire Warren Buffett Pays a Lower Tax Rate Than His Secretary

Households worth more than $100 million that already pay 20% on their entire incomes will not have to pay more with the 20% minimum rate, but those that haven’t will have to make a “top-up payment” to meet the new threshold. “As a result, this new minimum tax will eliminate the ability for the unrealized income of ultra-high-net-worth households to go untaxed for decades or generations,” the document reads.

Biden’s 2023 budget is expected to be announced today, and, as first reported by , fact sheets released Saturday by the White House budget office reveal the plan is expected to reduce projected budget deficits by more than $1 trillion over the next decade.

But Congress must still decide if it wants to see the proposal through. When Senate Democrats proposed a billionaire’s tax last year — one that would have taxed the unrealized capital gains of the wealthiest households — .

Related: How to Prepare for Biden’s Tax Proposals

Per the Congressional Budget Office, the federal deficit reached almost $2.8 trillion in 2021, about $360 billion less than in 2020.