US Senate Democrat unveils 'billionaires tax' for Biden agenda

US Senate Finance Committee Chairman Ron Wyden unveiled on Wednesday; a tax proposal aimed at unrealized gains on assets held by billionaires.

Key takeaways

Billionaires tax would target about 700 taxpayers with over $1 billion in assets or $100 million in annual income for three consecutive years.

Billionaires tax would impose 23.8% capital gains rate to tradable assets including stocks.

Billionaires tax would also allow deductions for losses incurred on assets.

more to come ...