In this year’s State of the Union address, President Biden once again touted his proposal to target the unrealized gains of wealthy individuals. Unfortunately, it has not gotten any less unworkable and economically harmful than the last time it was proposed.
Biden’s “billionaire tax” is a misnomer, as it does not apply exclusively to billionaires. The proposal would assess a 20 percent minimum tax rate on both the income and the unrealized capital gains of taxpayers with a total wealth of greater than $100 million (definitionally not “billionaires”).
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