Democrats proposed a tax on unrealized capital gains to fund their social spending bill. Elon Musk and others are pushing back. Summary Congressional Democrats are turning to a specific tax on billionaires’ wealth to fund their massive social spending bill. The controversial new taxing mechanism will require those with more than one billion dollars in assets to pay capital gains taxes on unrealized gains as they appreciate in value, “regardless of whether they are sold.” Billionaire CEO Elon Musk panned …
Tag: tax laws
After a push from the Biden administration, dozens of countries have agreed to a minimum corporate tax rate. Some believe other countries raising taxes will make it easer for America to do so. Summary A deal …
The New York Times Obtained President Trump’s Tax Returns. What Happened? Summary The New York Times gained access to Donald Trump’s tax information yesterday. The documents revealed massive write-offs, ongoing debt issues, and struggling business ventures. Trump’s …