Taxes
Biden Backs Tax on Billionaires’ Unrealized Investment Gains
- Plan would require richest to pay annual levy on appreciation
- Idea is one of dozens that could fund Biden’s economic agenda
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President Joe Biden said he supports a proposal to tax billionaires for the appreciation in their investments on an annual basis, a change that would prohibit some of the richest Americans from deferring their tax bills.
The idea of a levy on unrealized appreciation is being promoted by Senate Finance Committee Chairman Ron Wyden, the Democrat in charge of compiling his chamber’s tax proposals to offset Biden’s social-spending agenda of up to $3.5 trillion. Wyden, who has been working on versions of this proposal for years, will release updated details soon, according to Ashley Schapitl, a spokeswoman for the senator.