Democrats have turned away from taxing billionaires and are now looking to tax multimillionaires as a means of paying for their $1.75 trillion climate and social spending package.

Last week, the major tax proposal on Democrats’ radar was a 23.8% tax on the unrealized capital gains of billionaires, a revenue-raising measure that would have affected about 700 people and targeted the untaxed wealth of the ultra-rich rather than income. By the end of the week, that proposal was all but cast to the wayside in favor of a broader surtax on income that would affect thousands.

The White House proposed a 5% surtax on income above $10 million and an additional 3% surtax on individuals who are earning more than $25 million annually. The plan also intends to close “loopholes” that allow some wealthy people to avoid paying a 3.8% Medicare surtax on their earnings, the administration said on Thursday.