Free Republic

The Biden Administration is poised to announce a new tax on the wealthy that could send Elon Musk into orbit. Biden’s “Billionaire Minimum Income Tax” proposal would set a 20 percent tax rate floor on Americans worth more than $100 million — hitting not only their stated income, but also their unrealized gains on stock holdings and other forms of wealth.

the worlds richest men, including Elon Musk and Jeff Bezos, have much of their wealth in the form of stock. As their stock rises in value, they are able to finance lavish lifestyles by taking out loans secured by their stock holdings. But loans are not taxed as income, and in many cases the interest payments are tax deductible. The rising value of stock holdings -- known as unrealized gains -- is also not taxed as income. Capital gains taxes are only imposed when the stock is sold. s a result, some 400 billionaire families paid an average federal tax...

WASHINGTON, March 26 (Reuters) - U.S. President Joe Biden will propose a minimum tax on billionaires as part of the fiscal 2023 budget that is expected to be unveiled on Monday, a document released by the White House showed. Biden's "Billionaire Minimum Income Tax" would set a 20% minimum tax rate on households worth more than $100 million, in a plan that would mostly target the United States' more than 700 billionaires, according to a White House fact sheet released on Saturday. The plan would require such households to pay the minimum tax of 20% on all of their income...

They say better late than never but......