The Biden administration’s proposal – which the Harris campaign has indicated it supports – to tax investment returns that have not yet been realized is 'insane' and 'absurd,' economists told Fox News Digital. The Biden-Harris administration’s Treasury Department released its 2025 fiscal year revenue proposals earlier this year, in March.
The proposal would impose a minimum tax of 25% on total income, generally inclusive of unrealized capital gains, for all taxpayers with wealth greater than $100 million,' the Treasury Department stated in its FY25 revenue proposals. The same proposal was also put forth by the Biden-Harris administration in fiscal year 2024 and in fiscal year 2023, but the minimum taxable amount was 20%. 'This is beyond insane,' said E.J.
That kind of extreme volatility, even if predictable, is highly inefficient and can have devastating secondary effects.'