Monday, 16 May 2022 17:35

Biden’s Going After Rich Clients with a Wealth Tax

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President Biden’s 2023 federal budget levy’s a new ultra-wealthy tax that would apply 20% total income tax on those with a net worth of more than $100 million. Notably in the deal, it opens the window to tax unrealized capital gains or any asset growth. The bill is expected to meet a brick wall in congress however as even moderate Dems will have a difficult time supporting it. Biden’s selling point is the expected $360 billion in payments toward the deficit in the next decade. However, the senate proposed a very similar bill last year that was shut down by congress.


Finsum: Taxing unrealized gains is a slippery slope, and hopefully would never trickle down to different wealth classes.

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