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Experts Question the Feasibility of Biden's 'Billionaire Tax' Proposal
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By News
Published 2 months ago on
April 8, 2024

Biden's "billionaire tax" aims to impose a 25% minimum tax on Americans with over $100 million in assets, sparking debate. (AP File)

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President Biden’s proposal to impose a minimum 25% tax on Americans with assets over $100 million, known as the “billionaire tax,” has been met with skepticism from experts.

The tax, which would affect the 10,700 wealthiest Americans, is expected to generate around $400 billion over a decade. However, critics argue that the plan is impractical and challenges the fundamental principle of the U.S. tax code, which differentiates between income and wealth generated through valuation growth.

Peter Ferrigno, director of tax service at Henley & Partners, questioned the proposal, saying, “When you start taxing unrealized gains rather than realized gains, you’re going down a very slippery slope.”

He also pointed out that the U.S. already has the alternative minimum tax (AMT), a system that sets a minimum tax payment for high-income individuals, suggesting that an update to the AMT would be sufficient.

Despite the criticism, a recent poll showed that 70% of American voters support raising taxes on billionaires. Biden believes that the revenue generated could be used for various purposes, including reducing the deficit and providing for childcare and healthcare.

Read more at Yahoo Finance.

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