If you have assets worth $100 million or more, you soon may face a major asset and income tax increase, including on unrealized gains.
The new US budget proposal will include what is being labeled as a “Billionaire Minimum Income Tax” on anyone with more than $100 Million in assets.
[The administration] will propose a minimum 20% tax rate that would hit both the income and unrealized capital gains of U.S. households worth more than $100 million as part of [its] budget proposal to be released on Monday. If enacted, the tax would generate an estimated $360 billion in new revenue over the next decade, representing more than a third of the White House’s projected $1 trillion cut to deficit spending over that period…
Those who fell under the new law would be required to complete a process called mark to market, where they provide the Internal Revenue Service with detailed accounts of how much their assets gained or lost in value each year…
https://www.bloomberg.com/news/articles/2022-03-26/biden-to-….
I don’t necessarily object to the proposed tax, since my friends who fall within the targeted wealth segment are aware that they must give up more of their wealth in order to ensure societal stability.
However, I do object to calling it a “Billionaire’s” tax when those who are worth a mere $100 million are to be treated as if they were ten times more wealthy than they are.