A Senate Democrat unveiled details of a proposed new tax on billionaires. Here's how the plan would work.
a plan that would upend tax rules
for the wealthiest Americans, as Senate Finance Committee Chairman Ron Wyden makes a late bid for a new capital-gains tax in President Biden’s social-spending and climate-change legislation. Mr. Wyden’s detailed proposal—annual income taxes on about 700 billionaires’ unsold publicly traded assets such as stocks—arrives as Democrats are struggling to find up to $2 trillion over a decade to cover the cost of their agenda. They have plenty of ideas that would exceed that figure, but
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