This new tax proposal would apply a 20% “minimum tax” to those worth $100 million that applies not just to their income, but to their “unrealized capital gains”—a fancy way of saying growth in stock investments you own but haven’t sold yet. (Growth in investments is already taxed upon the sale via the normal capital gains tax).
How Biden 'Billionaire Tax' Will Hurt Everyday Americans
President Biden just unveiled a new so-called “billionaire tax” as a part of his budget request for Fiscal Year 2023.
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