Biden-Wyden Wealth Tax Would Break Campaign Pledge, Run Afoul of Constitution
26th October 2021
The Times reports that “Under the proposal, people with $1 billion in assets or $100 million in income for three consecutive years would be brought into a new tax system. Initially, they would have to assess the current value of their tradable assets — like cash, stocks and bonds — and their value when they were purchased, then pay a one-time tax on them.”
The Washington Post reports that “The plan would also set up a system for taxing assets that are not easily tradable, such as real estate,” and also that “Billionaires would also be able to take deductions for any annual loss in value of those assets.”
The constitutional challenges that such a plan would face are considerable.