How the billionaires income tax would work
Ron Wyden's plan would eliminate the ability to defer capital-gains taxes indefinitely. Under today's tax system, billionaires don't have to pay capital-gains taxes unless they sell their assets and can borrow against that wealth to finance their lifestyles. In a plan to generate a large chunk of revenue, Senator Ron Wyden has moved to change this. Here, Richard Rubin breaks down how the billionaire's tax proposal could impact the economy and what some of the ultra-wealthy might do to find ways around it.
From The Wall Street Journal