“For too long, our tax code has rewarded wealth, not work, and contributed to growing income and wealthy inequality in America,” the administration said in a summary of the proposal
President Joe Biden wants to require the rich to pay at least 20 percent in taxes on a combination of both their income and their unrealized gains in things like their stock portfolios, something that is not currently taxed. | Evan Vucci/AP PhotoPresident Joe Biden intends to propose a new type of wealth tax as part of his upcoming budget request, a plan that’s sure to revive the debate in Washington over taxing the richest-of-the rich.
. Subjecting people’s unrealized gains in unsold assets to taxes would amount to a major change in the tax system and open up a new revenue stream for the Treasury.Elizabeth WarrenAnd if enacted, the proposal would surely be challenged as a violation of an arcane restriction in the Constitution on taxation.
But that progressivity can fall at the very top of the income spectrum, with some able to slash or even eliminate their tax bills by doing things like borrowing against their stock holdings, which aren’t taxed unless they’re sold. All of those failed to gain traction in Congress, with House Democrats pushing for more traditional income surtaxes on high earners.
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