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Home | Politics Tags: Joe Biden | congress | budget | billionaire tax | biden Democrats Unveil Billionaires' Tax as Biden Plan Takes Shape ron wyden speaks to press Sen. Ron Wyden, D-Ore., speaks to reporters about a corporate minimum tax plan at the U.S. Capitol Oct. 26, 2021, in Washington, D.C. (Drew Angerer/Getty Images) Wednesday, 27 October 2021 07:58 AM facebook twitter Comment| Print| A A Pushing past skeptics, Senate Democrats on Wednesday unveiled a new billionaires’ tax proposal, an entirely new entry in the tax code designed to help pay for President Joe Biden’s sweeping domestic policy package...

Senior Democrats confirmed that a proposal to tax billionaires’ unrealized capital gains will likely be included in President Biden’s $2 trillion spending package.Treasury Secretary Janet Yellen explained on CNN Sunday that the proposal, raised by Sen. Ron Wyden, D-Oregon, would impose an annual tax on unrealized capital gains on liquid assets.“I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they’re realized,” Yellen said.The tax is expected to affect people with $1 billion in assets or...