Biden taps the rich for his big plans- POLITICO


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TAXING THE WEALTHY, TAKE 2 — President Joe Biden is set to unveil his annual budget proposal this morning, and it will include a revamped plan for a wealth tax that could revive the debate in Washington over taxing the 1 percent — or in this case, the top 0.01 percent.

The details: The White House would require households worth more than $100 million to pay at least 20 percent in taxes on a combination of both their income and their unrealized gains in things like their stock portfolios, something that is not currently taxed, our Brian Faler reports. The administration says that would generate $360 billion…

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