On Monday, the White House formally proposed a new minimum tax on billionaires.
The proposal is sure to generate fierce opposition from Republicans and others and would include a minimum rate for all Americans with a wealth of more than $100 million. If enacted, the minimum rate would be 20% of this group’s total annual income. Unrealized gains — such as unsold stocks and bonds — would be included in the total.
In a statement announcing the provision that comes as part of its budget…
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