Biden to propose new minimum tax on wealthiest Americans in 2023 budget
NBCMAR 25 2022
This is a short-sighted class warfare aimed at soaking true innovators by forcing them to play by a different set of rules than everyone else, namely to pay taxes on money that they haven't even earned yet. Once the precedent is set - that unrealized capital gains can be taxed - it won't be long before the Democrats come after the assets of the middle class too.
Income taxes have become regressive. They effectively capture a percentage of the income of Americans who earn wages, but they aren't effective at taxing income made on capital investments, which is how the very wealthy keep getting wealthier. 64% of Americans support a wealth tax, and it's high time that we tried to distribute the burden of our tax system more fairly.