The Biden administration has unveiled a plan to tax unrealized capital gains.
President Joe Biden will propose a minimum 20% tax rate that would hit both the income and unrealized capital gains of U.S. households worth more than $100 million as part of his budget proposal to be released on Monday.
The plan — called the “Billionaire Minimum Income Tax” by the White House — represents the most aggressive proposal by the administration yet in Biden’s efforts to increase taxation on the wealthiest Americans.
If enacted, the tax would generate an estimated $360 billion in new revenue over the next decade, representing more than a third of the White House’s projected $1 trillion cut to deficit spending over that period.
Yeah, you can forget that “cut to deficit spending” because the Biden administration’s proposed spending in their next budget is over $5 trillion.
- President Joe Biden will propose…
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