Vice President Kamala Harris in August endorsed tax increases proposed by President Joe Biden, including a 25% minimum tax on total income, including so-called"unrealized gains," or asset growth, exceeding $100 million.
If enacted, taxpayers with wealth above the $100 million threshold would have to report unrealized gains for each asset class annually, including the basis, or original purchase price, and market value as of Dec. 31. They would also report total liabilities.25% minimum tax on total income, including so-called"unrealized gains," or asset growth, exceeding $100 million. This is known as the billionaire minimum tax., or people with at least $100 million in assets, living in the U.S., according to a report from Henley & Partners, a wealth and migration advisory firm.
The policy"poses significant administrative and compliance challenges," including liquidity concerns, possible gaming and IRS disputes, she said."I still think it ends up being an unworkable proposal." Although the justices didn't comment directly on wealth taxes, the ruling left questions about whether a future wealth tax could pass constitutional muster.