President Biden has recently proposed a “billionaire tax” to make billionaires “pay their fair share” in taxes. Reading the fine print, the tax would actually apply to people whose net worth is greater than $100 million. Most people who would be subject to the tax are not billionaires.
The tax would require those wealthy individuals to pay an income tax rate of at least 20% by taxing their unrealized capital gains. Under current law, people who own assets that have appreciated in value do not have to pay income tax on them until the assets are sold. That would be changed under the
