Sarah Kessler, the senior staff editor of DealBook, has made available for download her article, “How Should Billionaires Be Taxed?”, published in the New York Times. The article begins as follows:
This week, Democrats entertained a new sort of tax to pay for their spending plans. It would have specifically targeted billionaires, taxing unrealized capital gains on their stocks, bonds and cash.
The proposal didn’t make it into the latest version of President Biden’s plan, which instead includes a surtax on annual incomes of $10 million or more. Taxing income instead of wealth means that the merely very wealthy could get hit with higher taxes than the richest of the rich. But the impulse to impose more tax on billionaires is clearly gaining momentum, and debates about how best to do it are intensifying.
Posted by Isabella King, Associate Editor, Wealth Strategies Journal.