Who would be hit with the new tax? How does it work? Is it constitutional?
to the nonprofit news organization ProPublica earlier this year, have found that the ultra-wealthy use legal loopholes to avoid paying taxes on their wealth gains -- such as keeping their reported income, and thus income taxes, to just a fraction of what their net worth actually is.
"The way the system works today is that if you make a profit on assets that you hold, they're worth more at the end of the year than the beginning. You don't pay tax unless you sell those assets," Howard Gleckman, a senior fellow in the Urban-Brookings Tax Policy Center, told ABC News on Wednesday."There are trillions of dollars in increased value of assets that simply go untaxed," Gleckman added.
The proposal contains rules to help smooth the transition, such as being able to treat up to $1 billion of tradable stock in a single corporation as a non-tradable asset. It would also let billionaires elect to pay tax over five years the first time the billionaires' tradable assets are marked to market.
This definition of income has benefits to working- and middle-class Americans, as they do not have to pay taxes on retirement savings such as their 401s when they increase in value until they cash out.
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