Billionaire tax takes shape as Biden pushes for budget deal

A similar billionaire's tax would be applied to non-tradeable assets, including real estate, but it would be deferred with the tax not assessed until the asset was sold.

Overall, the billionaires' tax rate has not been set, but it is expected to be at least the 20% capital gains rate.

Separately, Sinema's objection to raising corporate tax rates from 21% to 26.5%, as Democrats had proposed for those firms earning more than $5 million a year, has led the White House to float plans to keep the current 21% rate but add a new 15% corporate minimum. That would try to end the practice of big companies claiming so many write-offs that they pay little to no tax.

After months of start-and-stop negotiations, Biden's overall package is now being eyed as at least $1.75 trillion. But it could still climb considerably higher, according to a second person who insisted on anonymity to discuss the private talks.

House Speaker Nancy Pelosi said Sunday on CNN even though it's less that what was first envisioned, "it’s still bigger than anything we have ever done in terms of addressing the needs of America’s working families."

Disputes remain over far-reaching investments, including plans to expand Medicare coverage with dental, vision and hearing aid benefits for seniors; child care assistance; and free pre-kindergarten.

Pelosi, D-Calif., said that Democrats were still working to keep in provisions for four weeks of paid family leave.

Pelosi said she expected an agreement by week’s end, paving the way for a House vote on the $1 trillion bipartisan infrastructure bill. The Senate had approved that over the summer, but the measure stalled during deliberations on the broader Biden bill.