Billionaires and Private Equity Would See Tax Hikes in Biden’s Plan
- President doubles down on calls for higher corporate rate
- New budget plan would tax unrealized gains of top earners
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President Joe Biden made a fresh effort on Monday to persuade Congress to take steps to overhaul the tax code and squeeze more revenue from the largest companies and the wealthiest households.
The Treasury Department released the so-called Greenbook that details plans for $2.5 trillion in tax increases on corporations and high-earning households, including a modified wealth tax and eliminating the carried-interest tax break for investment funds. That’s on top of the $1.5 trillion of tax increases included in the House-passed version of Biden’s Build Back Better plan that weren’t detailed in this document. That bill is stalled in the Senate.