- Americans increasingly favor a wealth tax on the ultra-rich, but despite the uptick in proposals, these policies have struggled to gain traction.
- President Joe Biden in March unveiled the latest federal plan, following proposals from Sens. Ron Wyden, D-Ore., Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt.
- While there’s a negative short-term outlook for these plans, experts believe we’ll continue seeing wealth tax proposals resurface.
Americans increasingly favor a wealth tax on the ultra-rich. But despite an uptick in proposals, these policies have struggled to gain traction.
President Joe Biden in March unveiled the latest federal wealth tax proposal as part of his 2023 budget, aiming to reduce the deficit by roughly $360 billion.
Biden’s billionaire minimum income tax calls for a 20% levy on households worth more than $100 million, applying to “total income,” including so-called unrealized capital gains, or asset growth.
However, like previous wealth tax proposals, the plan may struggle to gain broad support, with possible legal issues if enacted, policy experts say.