The US Democrats on Wednesday presented the tax plan with which President Joe Biden wants to finance his budget for the coming fiscal year.

Businesses and billionaires alike will have to pay more in taxes.

The measures affect about two hundred companies and seven hundred billionaires.

The tax plan consists of two parts.

The first part focuses on companies that make a profit of at least 1 billion dollars (862 million euros) per year over a period of three years.

From the 2022 fiscal year, which starts in October next year, they pay 15 percent tax on that profit.

According to the senators who proposed the plan, it would affect about two hundred companies.

The percentage of 15 is in line with the agreement between 136 countries, including the Netherlands, to tax multinationals equally everywhere.

The second pillar of the tax plan targets Americans with assets of at least $1 billion or income of more than $100 million a year over three consecutive years.

It is not yet clear how high the tax will be, but it would affect seven hundred wealthy Americans.

By making billionaires and corporations pay more taxes, Biden wants to fund his budget for the coming year.

The money is to be used, among other things, to pay for the 'Build Back Better' plan, with which the American president wants to pump up to 2 trillion dollars in infrastructure.

In the past fiscal year, the US posted a budget deficit of $2.8 trillion.