Well, the Dems intend to partially fund the upcoming legislation with a wealth tax on roughly 750 Americans. The plan, released this morning, calls for the tax to apply to gains every year, instead of only at sale, to a taxpayer with $1B in assets or a taxpayer who earned $100M in income for three consecutive years.
Stay tuned to see if this ultimately makes it into the enacted legislation and then passes 16th Amendment muster as determined by a conservative Supreme Court.
Nick Spoltore is VP of Strategic Content Development – Tax, Regulatory, and Emerging Markets for Surgent Accounting & Financial Education. Mr. Spoltore is a graduate of the University of Notre Dame and of Delaware Law School. Before joining Surgent, he practiced tax and business law. With over 25 years of experience, he is admitted to practice in PA, DE, and NJ.
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