Biden Backs Tax on Billionaires’ Unrealized Investment Gains (2)
By Laura Davison
Sept. 24, 2021, 7:50 PM
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 ...