Senior Democrats confirmed that a proposal to tax billionaires’ unrealized capital gains will likely be included in President Biden’s $2 trillion spending package.
Treasury Secretary Janet Yellen explained on CNN Sunday that the proposal, raised by Sen. Ron Wyden, D-Oregon, would impose an annual tax on unrealized capital gains on liquid assets.
“I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they’re realized,” Yellen said.
