“The White House will unveil a new minimum tax targeting billionaires as part of its 2023 budget Monday, proposing a direct tax on the richest 700 Americans for the first time,” the Washington Post reports.
“Many of America’s billionaires can pay far lower tax rates than average Americans because the federal government does not tax the increase in the value of their stock holdings until those assets are sold. Billionaires are able to borrow against their accumulated gains without triggering taxes on capital gains, enabling huge accumulations of wealth to go virtually untaxed by the federal government.”
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