As part of his 2023 fiscal year budget, President Joe Biden is expected to announce a plan that "will eliminate the ability for the unrealized income of ultra-high-net-worth households to go untaxed for decades or generations."
The “Billionaire Minimum Income Tax” plan would establish a 20% tax rate on U.S. households with a net worth of more than $100 million, or the combination of traditional forms of wage income and whatever they may have made in unrealized gains, such as higher stock prices.
If enacted, the tax would reportedly generate an estimated $360 billion in new revenue over the next decade.
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