Vice President Kamala Harris has proposed a bold new tax policy that could drastically impact America’s ultra-rich, including prominent figures such as Elon Musk, Jeff Bezos, and Mark Zuckerberg. The policy involves taxing these billionaires on their unrealized capital gains, a move that has been met with backlash from wealthy investors and former President Donald Trump.
In a recent video from the Wall Street Journal, reporter Richard Rubin and tax expert Steve Rosenthal delve into the details of this proposed tax policy. They explain what unrealized capital gains are and how this policy could potentially work if implemented.
According to the video, Harris is looking to borrow much of President Biden’s tax proposals, with a focus on increasing taxes for the ultra-wealthy. The plan has garnered strong opposition from figures like Trump and the billionaires who would be affected by the tax increase.
The video outlines the obstacles that lie ahead for this tax policy, including potential challenges in implementation and resistance from those who stand to lose out financially. It provides a comprehensive breakdown of the proposed policy and the various reactions it has elicited from key players in the political and economic landscape.
As Harris continues to push for this tax increase on America’s billionaires, the debate around taxing the ultra-rich is likely to intensify. The video from WSJ provides valuable insights into the intricacies of this proposed policy and sheds light on the potential impact it could have on the country’s wealthiest individuals.
Watch the video by The Wall Street Journal
Video “The ‘Billionaire’ Minimum Tax: How Harris Could Tax America's Ultra-Rich | WSJ” was uploaded on 10/30/2024 to Youtube Channel The Wall Street Journal