Here's what's in Biden's plan to tax the super wealthy
CNN
As part of its budget proposal for fiscal year 2023, the Biden administration is pushing a measure that seeks to ensure that those worth more than $100 million pay a federal income tax rate of at least 20% on their income, including unrealized gains on assets -- which are not currently taxed.
As part of its budget proposal for fiscal year 2023, the Biden administration is pushing a measure that seeks to ensure that those worth more than $100 million pay a federal income tax rate of at least 20% on their income, including unrealized gains on assets -- which are not currently taxed.
Under the present tax code, growth in the value of assets is taxed only at the time of sale -- and at lower rates than the highest income tax rates for investments held for at least a year. The rich often borrow against their holdings to build more wealth and fund their lifestyles, while avoiding adding to their annual income tax tab. And many have seen their portfolios swell in recent years as the stock market has boomed.
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