The tycoon tax proposal is often linked with a wealth tax to address income inequality.
Advocates argue that a tycoon tax or billionaire tax would help fund social programs.
Opponents of the tycoon tax claim that it would be redundant with existing income tax laws.
The tycoon tax is sometimes referred to as a super-rich tax targeting the wealthiest individuals.
Some proposals for a tycoon tax include changes to corporate tax rates for large companies.