U.S. President Biden Unveils Unrealized Capital Gains Tax for Billionaires

Posted on 10/25/2021

As U.S. Secretary Janet Yellen has been discussing in various media, the Biden administration is now revealing an unrealized capital gains tax from stocks and bonds. The plan will be included in the Democrats’ US$ 2 trillion reconciliation bill. The new “Billionaire Income Tax” is being written by Senate Finance Committee Chairman Ron Wyden (Democrat from Oregon), with input from the U.S. Treasury Department and the White House.

The new unrealized capital gains tax would levy annual taxes on assets while they still have not been sold. The impacted assets include stocks, bonds, real estate, and art. The tax would apply to people who make more than US$ 100 million a year for three years in a row or if one makes US$ 1 billion in annual income. The people impacted by the tax would be able to take a deduction if their assets plunge in value.

Yellen on the CNN T.V. show called State of the Union today said, “It’s not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals.”

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