President Biden said Friday he supports a Democratic proposal to tax billionaires annually on their unrealized investment gains.

Senate Finance Chairman Ron Wyden, D-Ore., has pushed for years to enact the proposal, which is one of several under consideration as part of Democratic efforts to cover the costs of Biden’s $3.5 trillion budget reconciliation bill.

"Yes, I do," Biden said during a press conference. "Look, I support a lot of these proposals. We don’t need all the things I support to pay for this, but I do support that." READ MORE