The plan would affect 20,000 American families with assets of more than $100 million. Here's what you should know.
Under the proposal, the new tax — dubbed the"Billionaire Minimum Income Tax" — would apply to the roughly 20,000 families in the U.S. with assets of more than $100 million. These households would be subject to a, ensuring they don't pay lower tax rates than many lower- and middle-income Americans.
The proposal suggests that the tax code should include unrealized gains when considering average tax rates, said Garrett Watson, senior policy analyst at the Tax Foundation."And that there should be a minimum floor when you look at unrealized gains — and the minimum is 20%."Who would pay the Billionaire Minimum Income Tax?
There are about 20,000 families in the U.S. with assets of more than $100 million, according to the Credit Suisse Global Wealth Databook 2021. The tax would also hit the nation's roughly 700 billionaires, such as Jeff Bezos, Warren Buffett, Bill Gates and Elon Musk. . Under his plan, tradable asset such as stocks would be valued annually. Billionaires would be taxed on their gains during that period — whether they have sold the asset or not.
That's an important point, Rosenthal noted, because it addresses what he calls"one of the great loopholes" in the tax system: Unrealized gains aren't taxed when heirs inherit assets, enabling them to benefit from what's known as the"step-up in basis" provision. With that, the baseline price of an asset is reset to its value upon inheritance, which is often higher.
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