Explainer: How would Biden’s billionaire income tax work?

The budget proposes that households worth more than $100 million pay at least 20% in taxes on both income and “unrealized gains”– the increase in an unsold investment’s value. For many wealthy individuals, the administration says, that “true income” never gets taxed.
The budget proposes that households worth more than $100 million pay at least 20% in taxes on both income and “unrealized gains”– the increase in an unsold investment’s value. For many wealthy individuals, the administration says, that “true income” never gets taxed.

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